Iris Energy Limited, the Australia-based Bitcoin mining company, experienced a notable surge in short interest during the month of December, according to recent market data. As of December 15th, the total short interest stood at 2,930,000 shares, marking a significant 36.3% increase from the November 30th figure of 2,150,000 shares. With an average daily trading volume of 3,230,000 shares, the days-to-cover ratio currently stands at 0.9 days. Approximately 5.9% of the company’s shares are now sold short.
The stock of Iris Energy Limited concluded Friday’s trading at $7.15 and opened Tuesday’s session at $7.86. However, the current value reflects a return to the previous market closing price.
Several financial analysts have recently shared their insights on Iris Energy. Cantor Fitzgerald reiterated an “overweight” rating and set a price target of $10.00 in a research report on December 4th. Similarly, Canaccord Genuity Group reaffirmed a “buy” rating with an $8.00 price objective on September 14th, while B. Riley also maintained a “buy” rating with an $8.00 price target on September 25th. JPMorgan Chase & Co. increased their price objective to $9.50 and issued an “overweight” rating on December 8th. In contrast, HC Wainwright adjusted their price target from $11.00 to $10.00 but maintained a “buy” rating on November 22nd. According to MarketBeat.com, six analysts have given Iris Energy Limited a “buy” rating, resulting in an average rating of “Buy” and a consensus price target of $11.58.
In terms of institutional activity, several investors and hedge funds have made adjustments to their holdings in Iris Energy Limited (IREN). Two Sigma Securities LLC initiated a new position in the company during the first quarter, valued at approximately $32,000. Toroso Investments LLC also entered a new position in the third quarter, with a valuation of about $46,000. Additionally, Tucker Asset Management LLC acquired a new position in the third quarter, valued at around $47,000. UBS Group AG increased its holdings by 25.7% in the first quarter, now owning 15,957 shares valued at $49,000. Lastly, Penserra Capital Management LLC augmented its holdings by 42.7% in the fourth quarter, owning 46,371 shares valued at $57,000. Institutional investors and hedge funds currently own 21.52% of Iris Energy Limited’s stock.
As the market continues to observe fluctuations in short interest and stock performance, the diverse perspectives from financial analysts and the strategic moves of institutional investors contribute to the ongoing narrative of Iris Energy Limited’s position in the market.
Source: Marketbeat
