Iris Energy (NASDAQ:IREN) PT Lowered to $12.00

Iris Energy (NASDAQ:IREN) had its price objective cut by B. Riley from $17.00 to $12.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently weighed in on IREN. Macquarie boosted their target price on shares of Iris Energy from $12.00 to $13.50 and gave the company an outperform rating in a research note on Friday, August 30th. Cantor Fitzgerald dropped their target price on shares of Iris Energy from $23.00 to $20.00 and set an overweight rating on the stock in a research note on Thursday, August 29th. Sanford C. Bernstein began coverage on shares of Iris Energy in a research note on Wednesday, July 10th. They issued an outperform rating and a $26.00 target price on the stock. Compass Point dropped their target price on shares of Iris Energy from $18.50 to $16.00 and set a buy rating on the stock in a research note on Friday, August 30th. Finally, Needham & Company LLC began coverage on shares of Iris Energy in a research note on Wednesday, September 4th. They issued a hold rating on the stock. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Iris Energy has a consensus rating of Moderate Buy and an average price target of $15.63.

Iris Energy Stock Performance

Iris Energy stock opened at $7.56 on Friday. Iris Energy has a fifty-two week low of $2.79 and a fifty-two week high of $15.75. The firm’s 50-day simple moving average is $9.13 and its 200 day simple moving average is $7.93.

Institutional Trading of Iris Energy

Several hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace LLP raised its position in shares of Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares during the period. Vident Advisory LLC raised its position in shares of Iris Energy by 58.0% in 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 during the period. Van ECK Associates Corp raised its position in shares of 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 purchasing an additional 351,774 shares during the period. D1 Capital Partners L.P. bought a new stake in shares of Iris Energy in the second quarter valued at approximately $17,319,000. Finally, Hood River Capital Management LLC bought a new stake in Iris Energy during the 2nd quarter worth approximately $13,618,000. 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.