TRU Independence Asset Management 2 LLC Takes $163,000 Position in Iris Energy Limited (NASDAQ:IREN)

TRU Independence Asset Management 2 LLC purchased a new position in Iris Energy Limited (NASDAQ:IREN) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 16,571 shares of the company’s stock, valued at approximately $163,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new stake in shares of Iris Energy during the second quarter valued at approximately $9,969,000. Van ECK Associates Corp increased its stake in shares of Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after buying an additional 576,726 shares during the period. Rush Island Management LP bought a new stake in shares of Iris Energy in the third quarter valued at about $4,783,000. Paloma Partners Management Co purchased a new stake in Iris Energy in the third quarter worth about $2,739,000. Finally, Geode Capital Management LLC increased its position in Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after purchasing an additional 264,883 shares during the period. Institutional investors own 41.08% of the company’s stock.

Iris Energy Trading Down 24.2 %

Shares of IREN stock opened at $10.09 on Tuesday. Iris Energy Limited has a 12-month low of $3.56 and a 12-month high of $15.92. The business’s 50 day moving average is $11.79 and its two-hundred day moving average is $9.92.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald upped their price target on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Roth Mkm assumed coverage on Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price target for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Canaccord Genuity Group lifted their price target 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. Finally, BTIG Research assumed coverage on Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Profile

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