Canaccord Genuity Group Issues Positive Forecast for Iris Energy (NASDAQ:IREN) Stock Price

Iris Energy (NASDAQ:IREN) had its price objective upped by Canaccord Genuity Group from $17.00 to $23.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also issued reports on the stock. BTIG Research started coverage on shares of Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 target price for the company. Cantor Fitzgerald upped their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. HC Wainwright raised their target price on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Thursday. Finally, B. Riley increased their price target on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.70.

Iris Energy Trading Up 0.5 %

IREN stock opened at $13.08 on Thursday. Iris Energy has a 12-month low of $4.15 and a 12-month high of $15.92. The business’s 50-day moving average is $11.70 and its 200 day moving average is $9.97.

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 return on equity of 8.01% and a negative net margin of 36.10%. Research analysts expect that Iris Energy will post 0.11 earnings per share for the current year.

Hedge Funds Weigh In On Iris Energy

Large investors have recently modified their holdings of the business. Creative Planning increased its position in shares of Iris Energy by 71.2% during the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after purchasing an additional 190,300 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in Iris Energy by 123.1% during the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after buying an additional 27,212 shares during the period. Avaii Wealth Management LLC increased its position in shares of Iris Energy by 89.9% during the third quarter. Avaii Wealth Management LLC now owns 42,267 shares of the company’s stock valued at $357,000 after acquiring an additional 20,013 shares during the last quarter. X Square Capital LLC increased its position in shares of Iris Energy by 100.0% during the third quarter. X Square Capital LLC now owns 90,000 shares of the company’s stock valued at $760,000 after acquiring an additional 45,000 shares during the last quarter. Finally, Sippican Capital Advisors purchased a new stake in shares of Iris Energy in the 3rd quarter valued at approximately $94,000. 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.