Avaii Wealth Management LLC Sells 13,221 Shares of Iris Energy Limited (NASDAQ:IREN)

Avaii Wealth Management LLC trimmed its holdings in shares of Iris Energy Limited (NASDAQ:IREN) by 34.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,453 shares of the company’s stock after selling 13,221 shares during the period. Avaii Wealth Management LLC’s holdings in Iris Energy were worth $155,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of IREN. SG Americas Securities LLC purchased a new stake in Iris Energy in the first quarter worth about $592,000. Farther Finance Advisors LLC increased its stake in shares of Iris Energy by 57.3% during the first quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company’s stock valued at $104,000 after purchasing an additional 5,700 shares in the last quarter. JT Stratford LLC increased its position in shares of Iris Energy by 104.1% during the fourth quarter. JT Stratford LLC now owns 36,063 shares of the company’s stock valued at $354,000 after acquiring an additional 18,398 shares in the last quarter. Two Seas Capital LP increased its position in shares of Iris Energy by 212.7% during the fourth quarter. Two Seas Capital LP now owns 860,000 shares of the company’s stock valued at $8,445,000 after acquiring an additional 585,000 shares in the last quarter. Finally, Continuum Advisory LLC increased its position in shares of Iris Energy by 11.3% during the fourth quarter. Continuum Advisory LLC now owns 56,678 shares of the company’s stock valued at $557,000 after acquiring an additional 5,772 shares in the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Macquarie lifted their target price on shares of Iris Energy from $15.50 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, May 15th. Wall Street Zen cut shares of Iris Energy from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Canaccord Genuity Group restated a “buy” rating and set a $23.00 target price on shares of Iris Energy in a research note on Friday, May 16th. JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and decreased their price target for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. Finally, HC Wainwright decreased their price target on shares of Iris Energy from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, May 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Iris Energy Trading Down 3.3%

Shares of NASDAQ:IREN opened at $9.83 on Friday. Iris Energy Limited has a 12 month low of $5.13 and a 12 month high of $15.92. The firm’s 50-day moving average is $7.54 and its 200 day moving average is $9.37.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.06). The firm had revenue of $148.10 million for the quarter, compared to the consensus estimate of $153.38 million. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. Sell-side analysts anticipate that Iris Energy Limited will post 0.43 earnings per share for the current year.

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.