Short Interest in Iris Energy Limited (NASDAQ:IREN) Drops By 16.4%

Iris Energy Limited (NASDAQ:IREN) was the recipient of a large decline in short interest in September. As of September 15th, there was short interest totalling 7,440,000 shares, a decline of 16.4% from the August 31st total of 8,900,000 shares. Currently, 4.3% of the shares of the stock are sold short. Based on an average daily volume of 15,520,000 shares, the short-interest ratio is presently 0.5 days.

Analysts Set New Price Targets

A number of brokerages have issued reports on IREN. B. Riley dropped their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, September 13th. HC Wainwright dropped their price target on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Needham & Company LLC began coverage on shares of Iris Energy in a research report on Wednesday, September 4th. They set a “hold” rating for the company. Cantor Fitzgerald cut their target price on shares of Iris Energy from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 29th. Finally, Macquarie raised their price target on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Iris Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.63.

Iris Energy Stock Performance

IREN traded down $0.41 on Monday, reaching $8.44. 11,658,962 shares of the company’s stock were exchanged, compared to its average volume of 12,548,419. Iris Energy has a twelve month low of $2.79 and a twelve month high of $15.75. The stock’s fifty day moving average price is $8.14 and its 200-day moving average price is $8.18.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. purchased a new stake in Iris Energy in the 1st quarter valued at $893,000. Central Asset Investments & Management Holdings HK Ltd acquired a new stake in Iris Energy during the second quarter worth about $779,000. Quadrature Capital Ltd purchased a new position in Iris Energy during the fourth quarter worth about $1,655,000. Commerce Bank acquired a new position in Iris Energy in the 4th quarter valued at about $256,000. Finally, Daiwa Securities Group Inc. acquired a new position in Iris Energy in the 1st quarter valued at about $446,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Company Profile

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