Short Interest in Iris Energy Limited (NASDAQ:IREN) Expands By 40.9%

Iris Energy Limited (NASDAQ:IREN) was the recipient of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 14,410,000 shares, a growth of 40.9% from the November 30th total of 10,230,000 shares. Based on an average trading volume of 17,540,000 shares, the days-to-cover ratio is currently 0.8 days. Currently, 8.0% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IREN. Geode Capital Management LLC increased its position in shares of Iris Energy by 56.3% during the 3rd 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 in the last quarter. Sender Co & Partners Inc. acquired a new stake in shares of Iris Energy during the third quarter worth approximately $561,000. Continuum Advisory LLC acquired a new stake in shares of Iris Energy during the third quarter worth approximately $430,000. Y Intercept Hong Kong Ltd raised its stake in shares of Iris Energy by 592.2% in the third quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock valued at $1,745,000 after acquiring an additional 176,843 shares during the last quarter. Finally, Main Management ETF Advisors LLC acquired a new position in shares of Iris Energy in the 3rd quarter worth approximately $760,000. 41.08% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Macquarie lifted their price target on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright increased their price objective on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. B. Riley boosted their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Price Performance

Shares of Iris Energy stock traded down $0.77 during midday trading on Monday, hitting $9.94. 11,416,595 shares of the company were exchanged, compared to its average volume of 13,736,896. The firm has a 50 day simple moving average of $11.41 and a 200-day simple moving average of $10.24. Iris Energy has a 52 week low of $3.56 and a 52 week high of $15.92.

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.