Dilation Capital Management LP Makes New Investment in Iris Energy Limited (NASDAQ:IREN)

Dilation Capital Management LP purchased a new position in shares of Iris Energy Limited (NASDAQ:IREN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 192,970 shares of the company's stock, valued at approximately $1,895,000. Iris Energy makes up approximately 1.8% of Dilation Capital Management LP's holdings, making the stock its 18th biggest holding. Dilation Capital Management LP owned approximately 0.10% of Iris Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Stonebridge Financial Group LLC bought a new stake in shares of Iris Energy in the 4th quarter worth about $29,000. HM Payson & Co. acquired a new position in Iris Energy in the fourth quarter worth about $30,000. R Squared Ltd bought a new stake in Iris Energy in the fourth quarter valued at about $37,000. Tower Research Capital LLC TRC raised its stake in Iris Energy by 1,059.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock valued at $82,000 after buying an additional 7,646 shares in the last quarter. Finally, Farther Finance Advisors LLC acquired a new position in shares of Iris Energy in the 4th quarter worth approximately $98,000. Institutional investors own 41.08% of the company's stock.

Iris Energy Stock Performance

Shares of NASDAQ:IREN traded up $0.24 during trading hours on Friday, hitting $6.54. 14,542,870 shares of the company's stock traded hands, compared to its average volume of 15,685,340. The company's fifty day simple moving average is $7.04 and its two-hundred day simple moving average is $9.74. Iris Energy Limited has a 52 week low of $4.15 and a 52 week high of $15.92.

Iris Energy (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. Analysts forecast that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

IREN has been the topic of several research reports. Needham & Company LLC reissued a "hold" rating on shares of Iris Energy in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised shares of Iris Energy from a "neutral" rating to an "overweight" rating and decreased their price target for the company from $15.00 to $12.00 in a report on Thursday, March 13th. Cantor Fitzgerald reiterated an "overweight" rating and set a $23.00 price objective on shares of Iris Energy in a research note on Thursday, February 13th. Canaccord Genuity Group lifted their target price on Iris Energy from $17.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Finally, HC Wainwright upped their target price on Iris Energy from $16.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $20.40.

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.