Iris Energy Limited (NASDAQ:IREN) Short Interest Up 14.9% in July

Iris Energy Limited (NASDAQ:IREN) was the target of a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 6,960,000 shares, a growth of 14.9% from the June 30th total of 6,060,000 shares. Currently, 4.2% of the company’s shares are sold short. Based on an average daily volume of 15,790,000 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors and hedge funds have recently made changes to their positions in IREN. VitalStone Financial LLC increased its holdings in Iris Energy by 373.9% in the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after purchasing an additional 11,030 shares during the last quarter. CCG Wealth Management LLC bought a new stake in Iris Energy in the first quarter valued at about $72,000. Counterpoint Mutual Funds LLC bought a new stake in Iris Energy in the fourth quarter valued at about $84,000. PEAK6 Investments LLC bought a new stake in Iris Energy in the first quarter valued at about $133,000. Finally, Olympiad Research LP bought a new stake in Iris Energy in the fourth quarter valued at about $173,000. Institutional investors own 41.08% of the company’s stock.

Iris Energy Stock Up 6.5 %

Shares of NASDAQ IREN opened at $9.99 on Wednesday. The business’s 50 day moving average is $11.28 and its two-hundred day moving average is $7.39. Iris Energy has a 12 month low of $2.79 and a 12 month high of $15.75.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Wednesday, May 15th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.04). The company had revenue of $54.35 million during the quarter, compared to analyst estimates of $58.41 million. On average, equities research analysts expect that Iris Energy will post -0.01 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on IREN shares. HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of Iris Energy in a research report on Wednesday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a research note on Wednesday, July 24th. Canaccord Genuity Group raised their price target on Iris Energy from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Sanford C. Bernstein began coverage on Iris Energy in a research note on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price objective on Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $17.83.

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.