Iris Energy (NASDAQ:IREN) Shares Up 11.5% - Should You Buy?

Iris Energy Limited (NASDAQ:IREN - Get Free Report)'s share price rose 11.5% during mid-day trading on Tuesday . The stock traded as high as $6.13 and last traded at $6.15. Approximately 2,551,099 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 15,480,993 shares. The stock had previously closed at $5.51.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 price target on shares of Iris Energy in a report on Thursday, February 13th. JPMorgan Chase & Co. upgraded Iris Energy from a "neutral" rating to an "overweight" rating and cut their price target for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. HC Wainwright increased their target price on shares of Iris Energy from $16.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Canaccord Genuity Group upped their price target on shares of Iris Energy from $17.00 to $23.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Iris Energy in a research note on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Iris Energy presently has a consensus rating of "Buy" and an average target price of $20.40.

Iris Energy Price Performance

The company's fifty day moving average is $7.04 and its two-hundred day moving average is $9.74.

Iris Energy (NASDAQ:IREN - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%. Analysts expect that Iris Energy Limited will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On Iris Energy

Several institutional investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership boosted its stake in shares of Iris Energy by 1,307.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company's stock worth $55,825,000 after acquiring an additional 5,280,999 shares in the last quarter. Vident Advisory LLC boosted its position in Iris Energy by 26.1% during the fourth quarter. Vident Advisory LLC now owns 2,937,918 shares of the company's stock worth $28,850,000 after purchasing an additional 608,736 shares in the last quarter. Invesco Ltd. grew its holdings in Iris Energy by 22.5% in the fourth quarter. Invesco Ltd. now owns 2,311,583 shares of the company's stock valued at $22,700,000 after purchasing an additional 424,403 shares during the period. Regal Partners Ltd increased its position in shares of Iris Energy by 93.9% in the fourth quarter. Regal Partners Ltd now owns 1,697,554 shares of the company's stock valued at $16,670,000 after buying an additional 822,251 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Iris Energy by 193.2% during the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock valued at $15,738,000 after buying an additional 1,056,005 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.