Iris Energy Limited (NASDAQ:IREN) Short Interest Update

Iris Energy Limited (NASDAQ:IREN) was the recipient of a significant increase in short interest in August. As of August 15th, there was short interest totalling 6,910,000 shares, an increase of 5.2% from the July 31st total of 6,570,000 shares. Approximately 4.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 17,040,000 shares, the short-interest ratio is presently 0.4 days.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. VitalStone Financial LLC boosted its stake in shares of Iris Energy by 373.9% during 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 in the last quarter. CCG Wealth Management LLC bought a new position in shares of Iris Energy during the first quarter valued at $72,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Iris Energy during the fourth quarter worth $84,000. PEAK6 Investments LLC acquired a new position in shares of Iris Energy during the first quarter worth $133,000. Finally, Seven Eight Capital LP bought a new stake in shares of Iris Energy in the second quarter worth $146,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. HC Wainwright reduced 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 report on Thursday, August 29th. Needham & Company LLC initiated coverage on shares of Iris Energy in a research report on Wednesday. They set a “hold” rating on the stock. JPMorgan Chase & Co. lowered their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. B. Riley dropped their price objective on shares of Iris Energy from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Friday, July 12th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Iris Energy presently has an average rating of “Moderate Buy” and an average price target of $16.25.

Iris Energy Stock Performance

Shares of NASDAQ:IREN opened at $6.72 on Thursday. Iris Energy has a 12-month low of $2.79 and a 12-month high of $15.75. The company’s 50 day moving average price is $9.85 and its two-hundred day moving average price is $7.91.

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.