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

Iris Energy Limited (NASDAQ:IREN) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 8,900,000 shares, an increase of 28.8% from the August 15th total of 6,910,000 shares. Approximately 5.2% of the company’s shares are sold short. Based on an average trading volume of 16,800,000 shares, the short-interest ratio is presently 0.5 days.

Analysts Set New Price Targets

A number of analysts have recently weighed in on IREN shares. Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a research note on Thursday, August 29th. Sanford C. Bernstein initiated coverage on Iris Energy in a research report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price objective on the stock. B. Riley dropped their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday. JPMorgan Chase & Co. cut their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Finally, Compass Point decreased their price objective on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $15.63.

Institutional Trading of Iris Energy

Several institutional investors have recently bought and sold shares of IREN. Marshall Wace LLP raised its stake in shares of Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after purchasing an additional 958,494 shares during the last quarter. Vident Advisory LLC raised its position in Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after buying an additional 717,843 shares during the last quarter. Van ECK Associates Corp raised its position in Iris Energy by 23.7% in the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after buying an additional 351,774 shares during the last quarter. D1 Capital Partners L.P. bought a new position in Iris Energy during the 2nd quarter valued at about $17,319,000. Finally, Hood River Capital Management LLC purchased a new stake in shares of Iris Energy during the 2nd quarter valued at about $13,618,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

Iris Energy Stock Performance

Iris Energy stock traded up $0.17 on Monday, hitting $7.73. 12,666,160 shares of the stock traded hands, compared to its average volume of 12,411,188. Iris Energy has a 1 year low of $2.79 and a 1 year high of $15.75. The business’s fifty day simple moving average is $8.98 and its 200 day simple moving average is $7.95.

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.