Arrowstreet Capital Limited Partnership Increases Stock Position in Iris Energy Limited (NASDAQ:IREN)

Arrowstreet Capital Limited Partnership increased its position in Iris Energy Limited (NASDAQ:IREN) by 1,307.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,684,836 shares of the company’s stock after buying an additional 5,280,999 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 3.03% of Iris Energy worth $55,825,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in Iris Energy by 56.3% during the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after buying an additional 264,883 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Iris Energy by 96.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 710,890 shares of the company’s stock worth $6,981,000 after purchasing an additional 348,864 shares during the period. Rush Island Management LP acquired a new stake in Iris Energy in the 3rd quarter valued at $4,783,000. Y Intercept Hong Kong Ltd raised its position in Iris Energy by 592.2% in the third quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock valued at $1,745,000 after purchasing an additional 176,843 shares during the period. Finally, Calamos Advisors LLC acquired a new position in shares of Iris Energy during the fourth quarter worth about $1,899,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Trading Up 9.0 %

NASDAQ:IREN opened at $6.64 on Wednesday. The stock has a 50-day simple moving average of $9.41 and a 200 day simple moving average of $10.10. Iris Energy Limited has a one year low of $4.15 and a one year high of $15.92.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. Equities research analysts predict that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on IREN. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. BTIG Research assumed coverage on shares of Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 target price on the stock. Canaccord Genuity Group upped their target price 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. JPMorgan Chase & Co. raised shares of Iris Energy from a “neutral” rating to an “overweight” rating and dropped their price target for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. Finally, HC Wainwright upped their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $20.40.

Iris Energy Company Profile

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