Drive Wealth Management LLC Buys 2,193 Shares of Iris Energy Limited (NASDAQ:IREN)

Drive Wealth Management LLC increased its stake in Iris Energy Limited (NASDAQ:IREN) by 5.8% during the 4th quarter, Holdings Channel reports. The firm owned 39,690 shares of the company’s stock after purchasing an additional 2,193 shares during the quarter. Drive Wealth Management LLC’s holdings in Iris Energy were worth $390,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of IREN. Bank of Montreal Can bought a new position in shares of Iris Energy in the second quarter worth approximately $9,969,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Iris Energy in the second quarter worth approximately $1,401,000. Point72 Asset Management L.P. increased its position in shares of Iris Energy by 478.2% in the second quarter. Point72 Asset Management L.P. now owns 164,800 shares of the company’s stock worth $1,861,000 after purchasing an additional 136,300 shares during the last quarter. Truist Financial Corp increased its position in shares of Iris Energy by 3.2% in the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after purchasing an additional 1,575 shares during the last quarter. Finally, Dana Investment Advisors Inc. bought a new position in Iris Energy during the second quarter valued at approximately $161,000. 41.08% of the stock is currently owned by institutional investors.

Iris Energy Stock Down 24.2 %

Shares of IREN stock opened at $10.09 on Tuesday. The stock has a fifty day moving average of $11.79 and a 200 day moving average of $9.92. Iris Energy Limited has a 52 week low of $3.56 and a 52 week high of $15.92.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.11). Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. Equities analysts anticipate that Iris Energy Limited will post 0.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on IREN. BTIG Research began coverage on shares of Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Macquarie increased their price target on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, B. Riley increased their price objective on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Profile

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