Iris Energy Limited (NASDAQ:IREN) Short Interest Update

Iris Energy Limited (NASDAQ:IREN) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 9,940,000 shares, a decline of 7.1% from the October 15th total of 10,700,000 shares. Based on an average daily volume of 14,840,000 shares, the short-interest ratio is presently 0.7 days. Currently, 5.8% of the shares of the stock are sold short.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. AFG Fiduciary Services Limited Partnership acquired a new stake in Iris Energy during the third quarter valued at $77,000. Covestor Ltd acquired a new stake in shares of Iris Energy during the 3rd quarter valued at about $87,000. Sippican Capital Advisors bought a new stake in shares of Iris Energy in the 3rd quarter valued at approximately $94,000. Bluefin Capital Management LLC acquired a new position in Iris Energy in the second quarter worth approximately $113,000. Finally, PEAK6 Investments LLC acquired a new position in Iris Energy in the first quarter worth approximately $133,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Iris Energy Price Performance

Iris Energy stock opened at $10.67 on Monday. Iris Energy has a fifty-two week low of $2.79 and a fifty-two week high of $15.75. The firm’s 50 day simple moving average is $8.96 and its 200-day simple moving average is $9.21.

Analyst Upgrades and Downgrades

IREN has been the subject of a number of research reports. Compass Point decreased their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Roth Mkm began coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. Macquarie upped their price target on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. B. Riley lowered their price objective on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a report on Thursday, August 29th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price 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.