Avaii Wealth Management LLC Sells 3,593 Shares of Iris Energy Limited (NASDAQ:IREN)

Avaii Wealth Management LLC cut its position in shares of Iris Energy Limited (NASDAQ:IREN) by 8.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,674 shares of the company’s stock after selling 3,593 shares during the period. Avaii Wealth Management LLC’s holdings in Iris Energy were worth $380,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Bank of Montreal Can acquired a new stake in Iris Energy during the second quarter worth $9,969,000. Van ECK Associates Corp boosted its position in shares of Iris Energy by 56.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after acquiring an additional 576,726 shares in the last quarter. Rush Island Management LP bought a new stake in Iris Energy in the third quarter valued at about $4,783,000. Paloma Partners Management Co acquired a new position in Iris Energy in the third quarter worth about $2,739,000. Finally, Geode Capital Management LLC lifted its stake in Iris Energy by 56.3% during the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after purchasing an additional 264,883 shares during the period. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Iris Energy Price Performance

Shares of NASDAQ:IREN opened at $13.32 on Friday. Iris Energy Limited has a 12 month low of $3.56 and a 12 month high of $15.92. The company’s 50-day moving average price is $11.80 and its two-hundred day moving average price is $9.94.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.11). Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. On average, sell-side analysts expect that Iris Energy Limited will post 0.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IREN. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $15.00 price target (up from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Macquarie lifted their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. BTIG Research assumed coverage on shares of Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price on the stock. Finally, Cantor Fitzgerald increased their target price on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Iris Energy presently has an average rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Profile

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