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

Iris Energy Limited (NASDAQ:IREN) was the target of a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 13,630,000 shares, a drop of 5.4% from the December 15th total of 14,410,000 shares. Based on an average trading volume of 17,400,000 shares, the short-interest ratio is currently 0.8 days. Currently, 7.6% of the company’s shares are sold short.

Iris Energy Stock Performance

NASDAQ:IREN opened at $11.99 on Friday. The stock’s 50-day moving average is $11.74 and its 200-day moving average is $10.02. Iris Energy has a 1-year low of $3.56 and a 1-year high of $15.92.

Analyst Ratings Changes

Several brokerages have commented on IREN. JPMorgan Chase & Co. restated a “neutral” rating and set a $15.00 target price (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. Macquarie raised their price target on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Canaccord Genuity Group lifted their target price on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, B. Riley lifted their target price on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Iris Energy has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Institutional Trading of Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. AFG Fiduciary Services Limited Partnership bought a new stake in Iris Energy in the third quarter valued at approximately $77,000. Covestor Ltd acquired a new position in Iris Energy in the third quarter valued at approximately $87,000. Sippican Capital Advisors acquired a new position in Iris Energy in the third quarter valued at approximately $94,000. Bluefin Capital Management LLC acquired a new position in Iris Energy in the second quarter valued at approximately $113,000. Finally, Seven Eight Capital LP acquired a new position in Iris Energy in the second quarter valued at approximately $146,000. 41.08% of the stock is currently owned by institutional investors.

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.