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

Iris Energy (NASDAQ:IREN) had its target price increased by stock analysts at HC Wainwright from $16.00 to $22.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 69.10% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. BTIG Research initiated coverage on shares of Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 target price on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $15.00 price objective (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Canaccord Genuity Group increased their target price on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Cantor Fitzgerald lifted their target price on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Finally, B. Riley upped their price target on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Stock Performance

IREN stock opened at $13.01 on Thursday. The stock’s 50 day moving average is $11.72 and its two-hundred day moving average is $9.95. Iris Energy has a 52-week low of $4.15 and a 52-week high of $15.92.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. As a group, equities research analysts predict that Iris Energy will post 0.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Large investors have recently added to or reduced their stakes in the stock. Hel Ved Capital Management Ltd boosted its holdings in shares of Iris Energy by 196.1% during the fourth quarter. Hel Ved Capital Management Ltd now owns 395,800 shares of the company’s stock valued at $3,887,000 after acquiring an additional 262,150 shares during the period. Wells Fargo & Company MN lifted its position in Iris Energy by 54.7% in the 4th quarter. Wells Fargo & Company MN now owns 272,398 shares of the company’s stock valued at $2,675,000 after purchasing an additional 96,358 shares during the last quarter. ExodusPoint Capital Management LP bought a new stake in Iris Energy in the 4th quarter valued at about $1,725,000. Discovery Capital Management LLC CT acquired a new position in Iris Energy during the 4th quarter valued at about $11,544,000. Finally, Arrowstreet Capital Limited Partnership grew its position in Iris Energy by 1,307.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock worth $55,825,000 after purchasing an additional 5,280,999 shares during the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.