Iris Energy (NASDAQ:IREN) Stock Price Expected to Rise, HC Wainwright Analyst Says

Iris Energy (NASDAQ:IREN) had its target price hoisted by stock analysts at HC Wainwright from $13.00 to $16.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 67.36% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Roth Mkm assumed coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective for the company. Compass Point cut their target price on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Roth Capital raised Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. B. Riley cut their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $20.00 price objective on shares of Iris Energy in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $15.78.

Iris Energy Stock Performance

Iris Energy stock opened at $9.56 on Wednesday. The firm has a 50-day moving average price of $9.29 and a 200-day moving average price of $9.43. Iris Energy has a 12-month low of $3.41 and a 12-month high of $15.75.

Hedge Funds Weigh In On Iris Energy

Large investors have recently bought and sold shares of the stock. Central Asset Investments & Management Holdings HK Ltd acquired a new position in Iris Energy in the second quarter valued at $779,000. Van ECK Associates Corp boosted its stake in Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after acquiring an additional 576,726 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in Iris Energy by 123.1% in the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock valued at $416,000 after acquiring an additional 27,212 shares in the last quarter. Creative Planning boosted its stake in Iris Energy by 71.2% in the third quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after acquiring an additional 190,300 shares in the last quarter. Finally, Campbell Capital Management Inc. acquired a new position in Iris Energy in the third quarter valued at $608,000. Institutional investors and hedge funds 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.