BTIG Research Begins Coverage on Iris Energy (NASDAQ:IREN)

BTIG Research began coverage on shares of Iris Energy (NASDAQ:IREN) in a research note issued to investors on Friday, Marketbeat reports. The firm issued a buy rating and a $33.00 price target on the stock.

Several other research firms have also recently commented on IREN. Roth Mkm began coverage on Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective on the stock. Compass Point lowered their price target on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Canaccord Genuity Group boosted their price target on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Finally, B. Riley boosted their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Trading Up 3.5 %

IREN opened at $11.81 on Friday. The stock has a fifty day simple moving average of $11.09 and a two-hundred day simple moving average of $10.20. Iris Energy has a 12-month low of $3.56 and a 12-month high of $15.92.

Hedge Funds Weigh In On Iris Energy

Several hedge funds have recently modified their holdings of the stock. D1 Capital Partners L.P. purchased a new stake in Iris Energy during the 2nd quarter worth approximately $17,319,000. Hood River Capital Management LLC purchased a new stake in shares of Iris Energy in the 2nd quarter valued at $13,618,000. Marshall Wace LLP boosted its holdings in shares of Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after acquiring an additional 958,494 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of Iris Energy in the second quarter worth $9,969,000. Finally, Van ECK Associates Corp raised its stake in shares of Iris Energy by 56.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after buying an additional 576,726 shares during 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.