Iris Energy Limited (NASDAQ:IREN) Sees Significant Increase in Short Interest

Iris Energy Limited (NASDAQ:IREN) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 8,900,000 shares, a growth of 28.8% from the August 15th total of 6,910,000 shares. Currently, 5.2% of the shares of the stock are short sold. Based on an average daily volume of 16,800,000 shares, the short-interest ratio is currently 0.5 days.

Iris Energy Stock Up 2.2 %

NASDAQ IREN traded up $0.17 on Monday, reaching $7.73. 12,666,160 shares of the company’s stock traded hands, compared to its average volume of 12,411,188. Iris Energy has a 12 month low of $2.79 and a 12 month high of $15.75. The stock has a 50-day simple moving average of $8.98 and a 200 day simple moving average of $7.95.

Analyst Ratings Changes

A number of brokerages recently issued reports on IREN. Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a research report on Thursday, August 29th. HC Wainwright dropped their price target on Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Cantor Fitzgerald decreased their price objective on shares of Iris Energy from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, August 29th. JPMorgan Chase & Co. lowered their target price on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Finally, B. Riley cut their price target on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $15.63.

Hedge Funds Weigh In On Iris Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. purchased a new position in shares of Iris Energy in the first quarter worth about $893,000. Quadrature Capital Ltd purchased a new position in Iris Energy in the 4th quarter worth approximately $1,655,000. Commerce Bank bought a new stake in Iris Energy in the fourth quarter valued at approximately $256,000. Daiwa Securities Group Inc. purchased a new stake in shares of Iris Energy during the first quarter valued at approximately $446,000. Finally, Van ECK Associates Corp boosted its stake in shares of Iris Energy by 23.7% during the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after purchasing an additional 351,774 shares during the period. Institutional investors own 41.08% of the company’s stock.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.