Bank of America Corp DE Grows Position in Iris Energy Limited (NASDAQ:IREN)

Bank of America Corp DE lifted its holdings in shares of Iris Energy Limited (NASDAQ:IREN - Free Report) by 46.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 186,736 shares of the company's stock after acquiring an additional 59,250 shares during the quarter. Bank of America Corp DE owned approximately 0.10% of Iris Energy worth $1,834,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IREN. Stonebridge Financial Group LLC bought a new position in shares of Iris Energy during the fourth quarter valued at approximately $29,000. HM Payson & Co. bought a new position in shares of Iris Energy during the fourth quarter valued at approximately $30,000. Tower Research Capital LLC TRC grew its stake in 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 worth $82,000 after purchasing an additional 7,646 shares during the period. World Equity Group Inc. purchased a new stake in Iris Energy in the fourth quarter worth $98,000. Finally, Farther Finance Advisors LLC purchased a new stake in Iris Energy in the fourth quarter worth $98,000. Institutional investors own 41.08% of the company's stock.

Iris Energy Stock Performance

IREN stock traded up $0.80 during trading on Friday, hitting $9.75. 26,414,392 shares of the stock traded hands, compared to its average volume of 16,185,368. Iris Energy Limited has a 1 year low of $5.13 and a 1 year high of $15.92. The firm's 50 day moving average is $7.11 and its two-hundred day moving average is $9.36.

Iris Energy (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.06). Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. The firm had revenue of $148.10 million for the quarter, compared to analysts' expectations of $153.38 million. Sell-side analysts expect that Iris Energy Limited will post 0.43 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Iris Energy in a research note on Thursday, February 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $23.00 price target on shares of Iris Energy in a research note on Thursday, February 13th. Wall Street Zen cut Iris Energy from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Macquarie upped their price target on Iris Energy from $15.50 to $20.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. Finally, HC Wainwright reduced their price target on Iris Energy from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $20.30.

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.