Iris Energy Limited (NASDAQ:IREN) Short Interest Update

Iris Energy Limited (NASDAQ:IREN - Get Free Report) was the target of a large growth in short interest in 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. Based on an average daily volume of 15,010,000 shares, the days-to-cover ratio is presently 2.0 days. Approximately 13.3% of the shares of the stock are sold short.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Stonebridge Financial Group LLC purchased a new position in shares of Iris Energy in the 4th quarter worth about $29,000. HM Payson & Co. purchased a new position in shares of Iris Energy in the 4th quarter valued at $30,000. Crewe Advisors LLC acquired a new stake in Iris Energy in the 1st quarter valued at $39,000. Quarry LP purchased a new position in Iris Energy in the first quarter valued at about $40,000. Finally, Main Management LLC acquired a new position in shares of Iris Energy during the fourth quarter worth about $49,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

Iris Energy Stock Performance

Shares of NASDAQ IREN traded up $1.02 during mid-day trading on Friday, reaching $9.97. 17,816,659 shares of the company's stock were exchanged, compared to its average volume of 16,176,663. The company's 50-day moving average is $7.05 and its 200-day moving average is $9.37. Iris Energy has a 52-week low of $5.13 and a 52-week high of $15.92.

Iris Energy (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. Equities analysts anticipate that Iris Energy will post 0.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IREN. HC Wainwright decreased 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 note on Thursday, May 15th. Macquarie lifted their target price on Iris Energy from $15.50 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. raised shares of Iris Energy from a "neutral" rating to an "overweight" rating and reduced their price target for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. Needham & Company LLC reiterated a "hold" rating on shares of Iris Energy in a research note on Thursday, February 13th. Finally, B. Riley lifted their price target 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 investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Iris Energy has an average rating of "Moderate Buy" and a consensus target price of $20.30.

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.