B. Riley Increases Iris Energy (NASDAQ:IREN) Price Target to $18.00

Iris Energy (NASDAQ:IREN) had its price target increased by B. Riley from $9.50 to $18.00 in a research report report published on Monday, Benzinga reports. B. Riley currently has a buy rating on the stock.

A number of other equities analysts have also commented on the company. JPMorgan Chase & Co. raised their price objective on Iris Energy from $10.00 to $11.00 and gave the stock an overweight rating in a research note on Tuesday, June 4th. Cantor Fitzgerald upgraded Iris Energy to a strong-buy rating in a research note on Wednesday, June 12th. Canaccord Genuity Group raised their price objective on Iris Energy from $9.00 to $12.00 and gave the stock a buy rating in a research note on Thursday, May 16th. Finally, HC Wainwright restated a buy rating and set a $10.00 price objective on shares of Iris Energy in a research note on Thursday, May 16th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $16.33.

Iris Energy Trading Down 3.9 %

Shares of NASDAQ IREN opened at $11.79 on Monday. Iris Energy has a 1-year low of $2.79 and a 1-year high of $14.95. The business’s 50 day moving average is $8.21 and its 200-day moving average is $6.54.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The firm had revenue of $54.35 million during the quarter, compared to the consensus estimate of $58.41 million. On average, sell-side analysts forecast that Iris Energy will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

A number of large investors have recently modified their holdings of IREN. Vident Advisory LLC boosted its holdings in shares of Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after purchasing an additional 717,843 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Iris Energy by 32.9% during the 4th quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock valued at $10,624,000 after acquiring an additional 368,140 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Iris Energy by 52.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock valued at $7,418,000 after acquiring an additional 356,752 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Iris Energy during the 4th quarter valued at $1,655,000. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of Iris Energy by 47.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock valued at $4,389,000 after acquiring an additional 196,635 shares in the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Company Profile

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