Drive Wealth Management LLC Acquires 2,193 Shares of Iris Energy Limited (NASDAQ:IREN)

Drive Wealth Management LLC raised its holdings in shares of Iris Energy Limited (NASDAQ:IREN) by 5.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,690 shares of the company’s stock after purchasing an additional 2,193 shares during the quarter. Drive Wealth Management LLC’s holdings in Iris Energy were worth $390,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Evolution Wealth Advisors LLC boosted its holdings in Iris Energy by 8.7% during the 4th quarter. Evolution Wealth Advisors LLC now owns 47,880 shares of the company’s stock worth $470,000 after acquiring an additional 3,830 shares during the last quarter. XML Financial LLC purchased a new position in Iris Energy during the 4th quarter worth $196,000. Harbour Capital Advisors LLC purchased a new position in Iris Energy during the 4th quarter worth $282,000. Geode Capital Management LLC boosted its holdings in 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 acquiring an additional 264,883 shares during the last quarter. Finally, Sender Co & Partners Inc. purchased a new position in Iris Energy during the 3rd quarter worth $561,000. Institutional investors own 41.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on IREN shares. Canaccord Genuity Group lifted their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. BTIG Research initiated coverage on shares of Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 price target on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $15.00 price target (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Finally, Macquarie boosted their price target on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Trading Down 24.2 %

Shares of IREN opened at $10.09 on Tuesday. The business’s 50-day moving average price is $11.79 and its 200-day moving average price is $9.92. Iris Energy Limited has a twelve month low of $3.56 and a twelve month high of $15.92.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. As a group, equities research analysts forecast that Iris Energy Limited will post 0.12 EPS for the current year.

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.