Iris Energy Limited (NASDAQ:IREN) Given Average Rating of "Buy" by Analysts

Iris Energy Limited (NASDAQ:IREN - Get Free Report) has been assigned a consensus recommendation of "Buy" from the twelve ratings firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $20.40.

A number of research firms have recently commented on IREN. JPMorgan Chase & Co. raised shares of Iris Energy from a "neutral" rating to an "overweight" rating and reduced their price objective for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. HC Wainwright boosted their target price on shares of Iris Energy from $16.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Cantor Fitzgerald restated an "overweight" rating and set a $23.00 price objective on shares of Iris Energy in a report on Thursday, February 13th. Canaccord Genuity Group increased their target price on shares of Iris Energy from $17.00 to $23.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Iris Energy in a report on Thursday, February 13th.

Hedge Funds Weigh In On Iris Energy

Large investors have recently modified their holdings of the company. Baader Bank Aktiengesellschaft raised its stake in shares of Iris Energy by 66.7% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company's stock worth $1,228,000 after acquiring an additional 50,000 shares in the last quarter. Vontobel Holding Ltd. increased its stake in shares of Iris Energy by 13.4% in the fourth quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company's stock worth $549,000 after buying an additional 6,601 shares during the period. JPMorgan Chase & Co. purchased a new position in Iris Energy during the 4th quarter valued at $587,000. Private Advisor Group LLC purchased a new position in Iris Energy during the 4th quarter valued at $120,000. Finally, Apollon Wealth Management LLC purchased a new position in Iris Energy during the 4th quarter valued at $156,000. 41.08% of the stock is currently owned by institutional investors.

Iris Energy Price Performance

IREN stock traded up $0.16 during mid-day trading on Tuesday, hitting $7.05. The stock had a trading volume of 18,681,945 shares, compared to its average volume of 15,965,529. Iris Energy has a 52 week low of $4.65 and a 52 week high of $15.92. The firm has a fifty day simple moving average of $6.44 and a 200 day simple moving average of $9.59.

Iris Energy (NASDAQ:IREN - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. On average, analysts anticipate that Iris Energy will post 0.43 earnings per share for the current fiscal year.

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.