Iris Energy Limited (NASDAQ:IREN) Short Interest Up 105.8% in April

Iris Energy Limited (NASDAQ:IREN) saw a large growth in short interest in April. As of April 15th, there was short interest totalling 4,240,000 shares, a growth of 105.8% from the March 31st total of 2,060,000 shares. Currently, 3.6% of the shares of the company are short sold. Based on an average trading volume of 10,110,000 shares, the days-to-cover ratio is presently 0.4 days.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of Iris Energy in a research report on Tuesday, April 2nd. B. Riley dropped their price target on Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a research note on Friday, March 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Iris Energy in a research report on Thursday, March 28th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $9.00 target price on shares of Iris Energy in a research report on Thursday, March 28th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $12.00.

Hedge Funds Weigh In On Iris Energy

A number of large investors have recently made changes to their positions in IREN. Vontobel Holding Ltd. bought a new stake in Iris Energy in the third quarter worth about $104,000. Van ECK Associates Corp lifted its stake in shares of Iris Energy by 19.7% during the 3rd quarter. Van ECK Associates Corp now owns 1,117,769 shares of the company’s stock worth $4,147,000 after acquiring an additional 184,039 shares during the last quarter. Tucker Asset Management LLC bought a new stake in shares of Iris Energy during the 3rd quarter worth approximately $47,000. Exchange Traded Concepts LLC grew its position in Iris Energy by 47.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock valued at $4,389,000 after acquiring an additional 196,635 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Iris Energy by 52.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after purchasing an additional 356,752 shares during the period. 41.08% of the stock is owned by hedge funds and other institutional investors.

Iris Energy Stock Performance

NASDAQ:IREN traded down $0.09 during trading hours on Friday, reaching $5.08. The stock had a trading volume of 4,530,705 shares, compared to its average volume of 9,924,260. Iris Energy has a 52 week low of $2.79 and a 52 week high of $9.69. The company has a 50 day moving average price of $5.45 and a two-hundred day moving average price of $5.03.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) earnings per share (EPS) for the quarter. The firm had revenue of $42.57 million during the quarter, compared to analyst estimates of $37.58 million. As a group, equities analysts anticipate that Iris Energy will post 0.08 earnings per share for the current fiscal year.

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.