Iris Energy Limited (NASDAQ:IREN) Receives Average Rating of “Buy” from Analysts

Iris Energy Limited (NASDAQ:IREN) has been assigned a consensus recommendation of “Buy” from the six research firms that are presently covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $17.57.

A number of analysts recently weighed in on IREN shares. Canaccord Genuity Group increased their price objective on shares of Iris Energy from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. B. Riley reduced their target price on shares of Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Friday. JPMorgan Chase & Co. raised their target price on shares of Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. Cantor Fitzgerald raised shares of Iris Energy to a “strong-buy” rating in a research report on Wednesday, June 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $10.00 target price on shares of Iris Energy in a research report on Thursday, May 16th.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vident Advisory LLC boosted its stake in shares of Iris Energy by 58.0% during the first 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 stake in Iris Energy by 23.7% in the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after acquiring an additional 351,774 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Iris Energy by 52.4% during 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 buying an additional 356,752 shares during the period. Exchange Traded Concepts LLC lifted its stake in shares of Iris Energy by 47.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock worth $4,389,000 after buying an additional 196,635 shares during the period. Finally, Quadrature Capital Ltd lifted its stake in shares of Iris Energy by 719.8% during the fourth quarter. Quadrature Capital Ltd now owns 232,312 shares of the company’s stock worth $1,655,000 after buying an additional 203,976 shares during the period. 41.08% of the stock is currently owned by institutional investors.

Iris Energy Price Performance

Iris Energy stock opened at $12.31 on Wednesday. Iris Energy has a 1-year low of $2.79 and a 1-year high of $15.75. The company’s 50-day moving average is $10.04 and its 200 day moving average is $7.04.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings data 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 company had revenue of $54.35 million for the quarter, compared to the consensus estimate of $58.41 million.

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.