Two Seas Capital LP Purchases 585,000 Shares of Iris Energy Limited (NASDAQ:IREN)

Two Seas Capital LP boosted its position in shares of Iris Energy Limited (NASDAQ:IREN - Free Report) by 212.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 860,000 shares of the company's stock after purchasing an additional 585,000 shares during the period. Iris Energy accounts for 0.7% of Two Seas Capital LP's investment portfolio, making the stock its 19th biggest holding. Two Seas Capital LP owned 0.46% of Iris Energy worth $8,445,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in IREN. Stonebridge Financial Group LLC bought a new position in shares of Iris Energy during the 4th quarter worth approximately $29,000. HM Payson & Co. bought a new position in shares of Iris Energy during the fourth quarter worth $30,000. R Squared Ltd acquired a new position in Iris Energy in the fourth quarter valued at about $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 worth $82,000 after acquiring an additional 7,646 shares in the last quarter. Finally, Farther Finance Advisors LLC acquired a new position in shares of Iris Energy during the fourth quarter worth about $98,000. 41.08% of the stock is owned by institutional investors and hedge funds.

Iris Energy Stock Performance

IREN traded down $0.28 during trading on Wednesday, reaching $5.99. 6,513,344 shares of the company were exchanged, compared to its average volume of 15,619,452. The company's 50-day moving average is $6.79 and its two-hundred day moving average is $9.73. Iris Energy Limited has a 12-month low of $4.15 and a 12-month high of $15.92.

Iris Energy (NASDAQ:IREN - Get Free Report) last posted 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%. Research analysts forecast that Iris Energy Limited will post 0.43 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on IREN. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $23.00 target price on shares of Iris Energy in a research report on Thursday, February 13th. HC Wainwright lifted their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Canaccord Genuity Group increased their price target on shares of Iris Energy from $17.00 to $23.00 and gave the company a "buy" rating in a report on Thursday, February 13th. JPMorgan Chase & Co. raised shares of Iris Energy from a "neutral" rating to an "overweight" rating and reduced their target price for the company from $15.00 to $12.00 in a research report on Thursday, March 13th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Iris Energy in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Iris Energy currently has an average rating of "Buy" and a consensus price target 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.