Bank of America Corp DE Purchases 59,250 Shares of Iris Energy Limited (NASDAQ:IREN)

Bank of America Corp DE grew its position in Iris Energy Limited (NASDAQ:IREN - Free Report) by 46.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 186,736 shares of the company's stock after buying an additional 59,250 shares during the quarter. Bank of America Corp DE owned approximately 0.10% of Iris Energy worth $1,834,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in IREN. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Iris Energy by 1,307.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company's stock worth $55,825,000 after purchasing an additional 5,280,999 shares during the period. Invesco Ltd. boosted its holdings in shares of Iris Energy by 22.5% during the fourth quarter. Invesco Ltd. now owns 2,311,583 shares of the company's stock worth $22,700,000 after purchasing an additional 424,403 shares during the period. Regal Partners Ltd boosted its holdings in shares of Iris Energy by 93.9% during the fourth quarter. Regal Partners Ltd now owns 1,697,554 shares of the company's stock worth $16,670,000 after purchasing an additional 822,251 shares during the period. Discovery Capital Management LLC CT acquired a new stake in Iris Energy in the fourth quarter valued at approximately $11,544,000. Finally, Two Seas Capital LP lifted its stake in Iris Energy by 212.7% in the fourth quarter. Two Seas Capital LP now owns 860,000 shares of the company's stock valued at $8,445,000 after acquiring an additional 585,000 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Iris Energy Trading Down 5.1%

Shares of Iris Energy stock traded down $0.48 during trading on Thursday, reaching $8.95. The company's stock had a trading volume of 14,134,895 shares, compared to its average volume of 16,174,655. The business's 50-day moving average price is $6.99 and its 200-day moving average price is $9.38. Iris Energy Limited has a 52 week low of $5.13 and a 52 week high of $15.92.

Iris Energy (NASDAQ:IREN - Get Free Report) last issued its earnings results 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 return on equity of 3.98% and a negative net margin of 17.94%. The business had revenue of $148.10 million for the quarter, compared to analyst estimates of $153.38 million. As a group, sell-side analysts forecast that Iris Energy Limited will post 0.43 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on IREN. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 target price on shares of Iris Energy in a research note on Thursday, February 13th. B. Riley lifted their target price on shares of Iris Energy from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. HC Wainwright dropped their price target on shares of Iris Energy from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Macquarie lifted their price target on shares of Iris Energy from $15.50 to $20.00 and gave the company 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 target on shares of Iris Energy in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus 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.