Discovery Capital Management LLC CT Invests $11.54 Million in Iris Energy Limited (NASDAQ:IREN)

Discovery Capital Management LLC CT purchased a new stake in Iris Energy Limited (NASDAQ:IREN) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,175,600 shares of the company’s stock, valued at approximately $11,544,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in IREN. Stonebridge Financial Group LLC purchased a new stake in Iris Energy during the 4th quarter valued at $29,000. HM Payson & Co. bought a new position in Iris Energy during the 4th quarter valued at about $30,000. R Squared Ltd bought a new position in shares of Iris Energy during the fourth quarter valued at approximately $37,000. World Equity Group Inc. purchased a new stake in shares of Iris Energy in the fourth quarter worth approximately $98,000. Finally, Farther Finance Advisors LLC bought a new stake in shares of Iris Energy during the 4th quarter worth approximately $98,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IREN. JPMorgan Chase & Co. raised Iris Energy from a “neutral” rating to an “overweight” rating and dropped their price objective for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price target on shares of Iris Energy in a research report on Thursday, February 13th. B. Riley lifted their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, BTIG Research initiated coverage on Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 target price for the company. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $20.40.

Iris Energy Price Performance

Shares of NASDAQ IREN opened at $6.09 on Tuesday. Iris Energy Limited has a fifty-two week low of $4.15 and a fifty-two week high of $15.92. The business has a 50-day simple moving average of $9.49 and a two-hundred day simple moving average of $10.10.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates 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%. As a group, equities research analysts forecast 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.