Polymer Capital Management HK LTD Purchases 177,328 Shares of Iris Energy Limited (NASDAQ:IREN)

Polymer Capital Management HK LTD raised its holdings in shares of Iris Energy Limited (NASDAQ:IREN) by 147.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 297,328 shares of the company’s stock after acquiring an additional 177,328 shares during the quarter. Polymer Capital Management HK LTD’s holdings in Iris Energy were worth $2,920,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Stonebridge Financial Group LLC bought a new position in shares of Iris Energy in the fourth quarter worth about $29,000. HM Payson & Co. purchased a new position in Iris Energy in the 4th quarter worth approximately $30,000. R Squared Ltd bought a new position in Iris Energy in the 4th quarter worth approximately $37,000. World Equity Group Inc. purchased a new stake in Iris Energy during the 4th quarter valued at approximately $98,000. Finally, Farther Finance Advisors LLC bought a new stake in shares of Iris Energy during the fourth quarter valued at approximately $98,000. 41.08% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IREN. JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and dropped their target price for the stock from $15.00 to $12.00 in a research report on Thursday, March 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price objective on shares of Iris Energy in a report on Thursday, February 13th. HC Wainwright lifted their target price on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th. Finally, Canaccord Genuity Group lifted their price objective on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $20.40.

Iris Energy Stock Performance

Shares of IREN stock opened at $5.94 on Friday. Iris Energy Limited has a 1 year low of $4.15 and a 1 year high of $15.92. The stock’s 50 day simple moving average is $9.04 and its two-hundred day simple moving average is $10.05.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate 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%. As a group, sell-side analysts forecast that Iris Energy Limited will post 0.43 EPS for the current 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.