Iris Energy Limited (NASDAQ:IREN) Short Interest Update

Iris Energy Limited (NASDAQ:IREN - Get Free Report) was the target of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 30,200,000 shares, a growth of 19.7% from the April 30th total of 25,240,000 shares. Currently, 13.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 15,010,000 shares, the days-to-cover ratio is presently 2.0 days.

Wall Street Analysts Forecast Growth

IREN has been the subject of a number of research analyst reports. Macquarie lifted their price target on Iris Energy from $15.50 to $20.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th. Canaccord Genuity Group reiterated a "buy" rating and issued a $23.00 price objective on shares of Iris Energy in a research report on Friday, May 16th. HC Wainwright lowered their price objective on Iris Energy from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Finally, B. Riley lifted their price objective on Iris Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Iris Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.30.

Institutional Investors Weigh In On Iris Energy

Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Iris Energy by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company's stock worth $80,000 after purchasing an additional 1,387 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Iris Energy by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company's stock worth $123,000 after purchasing an additional 2,035 shares in the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of Iris Energy during the 4th quarter worth approximately $29,000. HM Payson & Co. bought a new stake in shares of Iris Energy during the 4th quarter worth approximately $30,000. Finally, TRU Independence Asset Management 2 LLC raised its stake in shares of Iris Energy by 22.1% during the 1st quarter. TRU Independence Asset Management 2 LLC now owns 20,241 shares of the company's stock worth $123,000 after purchasing an additional 3,670 shares in the last quarter. Institutional investors own 41.08% of the company's stock.

Iris Energy Stock Performance

Shares of IREN stock traded up $0.80 on Friday, reaching $9.75. The company had a trading volume of 26,414,392 shares, compared to its average volume of 16,148,639. The company has a 50-day moving average of $7.11 and a 200-day moving average of $9.36. Iris Energy has a 12 month low of $5.13 and a 12 month high of $15.92.

Iris Energy (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.06). The business 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%. As a group, sell-side analysts expect that Iris Energy will post 0.43 earnings per share for the current year.

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.