Sippican Capital Advisors Makes New $94,000 Investment in Iris Energy Limited (NASDAQ:IREN)

Sippican Capital Advisors purchased a new position in shares of Iris Energy Limited (NASDAQ:IREN) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 11,100 shares of the company’s stock, valued at approximately $94,000.

A number of other large investors have also recently bought and sold shares of IREN. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Iris Energy during the 1st quarter worth approximately $502,000. Van ECK Associates Corp boosted its holdings in shares of Iris Energy by 23.7% in the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after buying an additional 351,774 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of Iris Energy in the 1st quarter valued at approximately $446,000. VitalStone Financial LLC boosted its holdings in shares of Iris Energy by 373.9% in the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after buying an additional 11,030 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Iris Energy in the 1st quarter valued at approximately $893,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Stock Down 2.3 %

IREN stock traded down $0.24 during trading hours on Thursday, hitting $10.08. 1,327,285 shares of the stock were exchanged, compared to its average volume of 12,910,735. The company has a 50-day simple moving average of $8.23 and a two-hundred day simple moving average of $8.69. Iris Energy Limited has a 12 month low of $2.79 and a 12 month high of $15.75.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Macquarie increased their price objective on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price objective on shares of Iris Energy in a report on Wednesday. Roth Mkm started coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target for the company. JPMorgan Chase & Co. cut their price target on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $15.00 price target on shares of Iris Energy in a report on Thursday, August 29th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Iris Energy has a consensus rating of “Buy” and an average price target of $15.44.

Iris Energy Company Profile

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