Iris Energy (NASDAQ:IREN) Trading Up 9.3%

Iris Energy Limited (NASDAQ:IREN)’s stock price was up 9.3% during mid-day trading on Tuesday . The company traded as high as $13.81 and last traded at $13.79. Approximately 7,515,019 shares traded hands during trading, a decline of 32% from the average daily volume of 11,008,062 shares. The stock had previously closed at $12.62.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on IREN shares. JPMorgan Chase & Co. boosted their target price on Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Canaccord Genuity Group boosted their price target on Iris Energy from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. HC Wainwright reissued a “buy” rating and set a $10.00 price target on shares of Iris Energy in a research report on Thursday, May 16th. B. Riley boosted their price target on Iris Energy from $9.50 to $18.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, Cantor Fitzgerald raised Iris Energy to a “strong-buy” rating in a research report on Wednesday, June 12th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Iris Energy presently has an average rating of “Buy” and a consensus price target of $16.33.

Iris Energy Stock Performance

The stock has a 50 day moving average of $8.48 and a 200 day moving average of $6.65.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings data on Wednesday, May 15th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The company had revenue of $54.35 million during the quarter, compared to analysts’ expectations of $58.41 million. On average, analysts anticipate that Iris Energy Limited will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Quadrature Capital Ltd bought a new position in shares of Iris Energy in the fourth quarter worth $1,655,000. Commerce Bank bought a new position in shares of Iris Energy in the fourth quarter worth $256,000. Jump Financial LLC grew its stake in shares of Iris Energy by 33.1% in the fourth quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock worth $353,000 after purchasing an additional 12,290 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Iris Energy by 52.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after purchasing an additional 356,752 shares in the last quarter. Finally, Chesapeake Capital Corp IL acquired a new stake in shares of Iris Energy in the fourth quarter valued at $221,000. Institutional investors own 41.08% of the company’s stock.

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.