Iris Energy Limited (NASDAQ:IREN) Short Interest Up 105.8% in April

Iris Energy Limited (NASDAQ:IREN) was the target of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 4,240,000 shares, a growth of 105.8% from the March 31st total of 2,060,000 shares. Currently, 3.6% of the shares of the company are sold short. Based on an average trading volume of 10,110,000 shares, the days-to-cover ratio is currently 0.4 days.

Iris Energy Trading Down 1.7 %

IREN stock traded down $0.09 during trading on Friday, reaching $5.08. 4,530,705 shares of the company’s stock were exchanged, compared to its average volume of 9,924,260. Iris Energy has a 1-year low of $2.79 and a 1-year high of $9.69. The company’s fifty day moving average price is $5.45 and its 200-day moving average price is $5.03.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Thursday, February 15th. The company reported ($0.07) earnings per share (EPS) for the quarter. The business had revenue of $42.57 million during the quarter, compared to the consensus estimate of $37.58 million. As a group, research analysts expect that Iris Energy will post 0.08 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IREN. Van ECK Associates Corp boosted its position in Iris Energy by 32.9% during the 4th quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock worth $10,624,000 after acquiring an additional 368,140 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Iris Energy by 52.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after acquiring an additional 356,752 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of Iris Energy in the fourth quarter valued at $1,655,000. Exchange Traded Concepts LLC lifted its holdings in shares of Iris Energy by 47.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock valued at $4,389,000 after buying an additional 196,635 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Iris Energy in the first quarter valued at $502,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Analyst Upgrades and Downgrades

IREN has been the subject of a number of research analyst reports. B. Riley lowered their price target on Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a report on Friday, March 15th. HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Iris Energy in a report on Tuesday, April 2nd. Canaccord Genuity Group restated a “buy” rating and set a $9.00 price objective on shares of Iris Energy in a research note on Thursday, March 28th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Iris Energy in a research note on Thursday, March 28th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Iris Energy has a consensus rating of “Buy” and a consensus price target of $12.00.

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.