Kovitz Investment Group Partners LLC Has $1.86 Million Stake in Iris Energy Limited (NASDAQ:IREN)

Kovitz Investment Group Partners LLC increased its stake in Iris Energy Limited (NASDAQ:IREN - Free Report) by 72.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 189,245 shares of the company's stock after purchasing an additional 79,392 shares during the period. Kovitz Investment Group Partners LLC owned 0.10% of Iris Energy worth $1,858,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in IREN. Stonebridge Financial Group LLC acquired a new stake in shares of Iris Energy during the 4th quarter valued at about $29,000. HM Payson & Co. purchased a new stake in shares of Iris Energy during the 4th quarter valued at approximately $30,000. R Squared Ltd purchased a new position in shares of Iris Energy during the 4th quarter worth $37,000. Tower Research Capital LLC TRC increased its position in shares of 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 acquiring an additional 7,646 shares during the last quarter. Finally, World Equity Group Inc. acquired a new position in Iris Energy during the fourth quarter worth $98,000. Hedge funds and other institutional investors own 41.08% of the company's stock.

Iris Energy Price Performance

Shares of NASDAQ:IREN traded up $0.16 during trading on Friday, hitting $6.53. 18,453,247 shares of the stock were exchanged, compared to its average volume of 15,828,418. Iris Energy Limited has a 1-year low of $4.65 and a 1-year high of $15.92. The company's fifty day simple moving average is $6.57 and its 200-day simple moving average is $9.68.

Iris Energy (NASDAQ:IREN - Get Free Report) last announced 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 net margin of 17.94% and a negative return on equity of 3.98%. Sell-side analysts predict that Iris Energy Limited will post 0.43 earnings per share for the current year.

Wall Street Analyst Weigh In

IREN has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised Iris Energy from a "neutral" rating to an "overweight" rating and lowered their price objective for the stock from $15.00 to $12.00 in a research report on Thursday, March 13th. 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. Needham & Company LLC reiterated a "hold" rating on shares of Iris Energy in a research report on Thursday, February 13th. Canaccord Genuity Group raised their price objective on shares of 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 given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $20.40.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.