Soros Fund Management LLC Takes Position in Iris Energy Limited (NASDAQ:IREN)

Soros Fund Management LLC bought a new position in Iris Energy Limited (NASDAQ:IREN - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 232,018 shares of the company's stock, valued at approximately $2,278,000. Soros Fund Management LLC owned 0.12% of Iris Energy as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the stock. Paloma Partners Management Co raised its position in Iris Energy by 67.5% in the 4th quarter. Paloma Partners Management Co now owns 543,440 shares of the company's stock worth $5,337,000 after purchasing an additional 218,940 shares during the period. Kovitz Investment Group Partners LLC grew its stake in shares of Iris Energy by 72.3% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 189,245 shares of the company's stock valued at $1,858,000 after buying an additional 79,392 shares during the last quarter. Two Seas Capital LP raised its holdings in shares of Iris Energy by 212.7% in the fourth quarter. Two Seas Capital LP now owns 860,000 shares of the company's stock worth $8,445,000 after buying an additional 585,000 shares during the period. Dilation Capital Management LP bought a new stake in shares of Iris Energy during the 4th quarter worth approximately $1,895,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Iris Energy by 1,059.0% during the 4th 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 period. Institutional investors own 41.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on IREN shares. HC Wainwright increased their target price on Iris Energy from $16.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. 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. Canaccord Genuity Group boosted their price objective on shares of Iris Energy from $17.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $23.00 target price on shares of Iris Energy in a research report on Thursday, February 13th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Iris Energy in a research note on Thursday, February 13th. One research 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, Iris Energy has a consensus rating of "Buy" and an average target price of $20.40.

Iris Energy Stock Up 2.5 %

Shares of NASDAQ:IREN traded up $0.16 during trading on Friday, reaching $6.53. The stock had a trading volume of 18,453,247 shares, compared to its average volume of 15,783,426. The firm's 50-day simple moving average is $6.57 and its 200 day simple moving average is $9.67. Iris Energy Limited has a one year low of $4.65 and a one year high of $15.92.

Iris Energy (NASDAQ:IREN - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping 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%. On average, equities analysts anticipate that Iris Energy Limited will post 0.43 earnings per share for the current fiscal 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.