Entropy Technologies LP Reduces Position in Iris Energy Limited (NASDAQ:IREN)

Entropy Technologies LP trimmed its stake in Iris Energy Limited (NASDAQ:IREN) by 83.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,500 shares of the company’s stock after selling 59,300 shares during the period. Entropy Technologies LP’s holdings in Iris Energy were worth $97,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. D1 Capital Partners L.P. purchased a new stake in Iris Energy in the second quarter worth about $17,319,000. Hood River Capital Management LLC bought a new position in shares of Iris Energy during the 2nd quarter valued at approximately $13,618,000. Marshall Wace LLP increased its holdings in Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after acquiring an additional 958,494 shares in the last quarter. Bank of Montreal Can bought a new stake in Iris Energy during the 2nd quarter worth approximately $9,969,000. Finally, Vident Advisory LLC lifted its holdings in Iris Energy by 58.0% during the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after purchasing an additional 717,843 shares in the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Iris Energy Stock Performance

Shares of IREN opened at $10.67 on Monday. The company’s fifty day moving average is $8.96 and its 200 day moving average is $9.21. Iris Energy Limited has a fifty-two week low of $2.79 and a fifty-two week high of $15.75.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IREN. B. Riley reduced their price objective 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, September 13th. 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 research note on Friday, August 23rd. Canaccord Genuity Group restated a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a research report on Thursday, August 29th. Needham & Company LLC started coverage on Iris Energy in a research report on Wednesday, September 4th. They set a “hold” rating for the company. Finally, Roth Mkm began coverage on Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price target on the stock. One 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 company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $15.44.

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.