Apollon Wealth Management LLC Makes New $156,000 Investment in Iris Energy Limited (NASDAQ:IREN)

Apollon Wealth Management LLC purchased a new stake in shares of Iris Energy Limited (NASDAQ:IREN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 15,884 shares of the company’s stock, valued at approximately $156,000.

Other institutional investors also recently modified their holdings of the company. R Squared Ltd bought a new position in Iris Energy during the 4th quarter valued at about $37,000. Covestor Ltd purchased a new stake in Iris Energy during the third quarter valued at $87,000. Sippican Capital Advisors purchased a new stake in Iris Energy during the third quarter valued at $94,000. Chesapeake Capital Corp IL boosted its position in Iris Energy by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock worth $157,000 after purchasing an additional 3,861 shares during the last quarter. Finally, TRU Independence Asset Management 2 LLC purchased a new position in shares of Iris Energy in the fourth quarter worth approximately $163,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

Iris Energy Stock Performance

Shares of Iris Energy stock opened at $13.01 on Friday. The business has a 50-day moving average price of $11.65 and a 200-day moving average price of $9.99. Iris Energy Limited has a twelve month low of $4.15 and a twelve month high of $15.92.

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 8.01% and a negative net margin of 36.10%. Sell-side analysts expect that Iris Energy Limited will post 0.11 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IREN. BTIG Research started coverage on shares of Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. Canaccord Genuity Group lifted their target price on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday. HC Wainwright upped their price target on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Finally, Macquarie increased their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.70.

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.