Geode Capital Management LLC Buys 264,883 Shares of Iris Energy Limited (NASDAQ:IREN)

Geode Capital Management LLC boosted its stake in shares of Iris Energy Limited (NASDAQ:IREN) by 56.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 735,071 shares of the company’s stock after purchasing an additional 264,883 shares during the quarter. Geode Capital Management LLC’s holdings in Iris Energy were worth $6,204,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. AFG Fiduciary Services Limited Partnership purchased a new stake in shares of Iris Energy during the third quarter valued at about $77,000. Covestor Ltd bought a new position in shares of Iris Energy during the 3rd quarter worth approximately $87,000. Sippican Capital Advisors purchased a new stake in Iris Energy during the third quarter valued at approximately $94,000. Bluefin Capital Management LLC acquired a new stake in Iris Energy in the second quarter valued at approximately $113,000. Finally, Seven Eight Capital LP purchased a new position in Iris Energy in the second quarter worth $146,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Iris Energy Stock Performance

Shares of NASDAQ IREN opened at $11.34 on Friday. Iris Energy Limited has a 12 month low of $3.56 and a 12 month high of $15.92. The company has a 50 day simple moving average of $11.52 and a two-hundred day simple moving average of $10.17.

Wall Street Analyst Weigh In

Several analysts have recently commented on IREN shares. Roth Mkm began coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective for the company. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. Canaccord Genuity Group boosted their price target on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. B. Riley lifted their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Cantor Fitzgerald boosted their target price on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Two 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.50.

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.