Exchange Traded Concepts LLC Grows Position in Iris Energy Limited (NASDAQ:IREN)

Exchange Traded Concepts LLC raised its stake in shares of Iris Energy Limited (NASDAQ:IREN - Free Report) by 46.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,020,084 shares of the company's stock after purchasing an additional 325,327 shares during the quarter. Exchange Traded Concepts LLC owned about 0.54% of Iris Energy worth $6,212,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in IREN. HM Payson & Co. acquired a new position in shares of Iris Energy in the 4th quarter valued at $30,000. Main Management LLC purchased a new stake in Iris Energy during the 4th quarter valued at about $49,000. Tower Research Capital LLC TRC increased its holdings in shares of Iris Energy by 1,059.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock valued at $82,000 after purchasing an additional 7,646 shares during the period. Farther Finance Advisors LLC purchased a new position in shares of Iris Energy in the fourth quarter worth about $98,000. Finally, World Equity Group Inc. acquired a new stake in shares of Iris Energy during the fourth quarter worth about $98,000. Hedge funds and other institutional investors own 41.08% of the company's stock.

Analyst Ratings Changes

IREN has been the subject of a number of recent research reports. HC Wainwright reduced their price target on shares of Iris Energy from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. B. Riley raised their target price on shares of Iris Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Wall Street Zen lowered shares of Iris Energy from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Macquarie increased their price target on Iris Energy from $15.50 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $23.00 price objective on shares of Iris Energy in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $20.30.

Iris Energy Price Performance

Shares of IREN opened at $9.83 on Monday. Iris Energy Limited has a 12 month low of $5.13 and a 12 month high of $15.92. The stock's 50 day moving average is $7.54 and its two-hundred day moving average is $9.33.

Iris Energy (NASDAQ:IREN - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.06). The company had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. On average, analysts forecast that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

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.

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