Iris Energy (NASDAQ:IREN) Trading 8.9% Higher - Still a Buy?

Iris Energy Limited (NASDAQ:IREN - Get Free Report)'s stock price was up 8.9% during trading on Friday . The company traded as high as $9.68 and last traded at $9.75. Approximately 5,083,088 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 16,134,192 shares. The stock had previously closed at $8.95.

Analyst Upgrades and Downgrades

IREN has been the subject of several analyst reports. Canaccord Genuity Group restated a "buy" rating and set a $23.00 target price on shares of Iris Energy in a report on Friday, May 16th. Wall Street Zen downgraded Iris Energy from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $23.00 target price on shares of Iris Energy in a research report on Thursday, February 13th. Macquarie boosted their target price on Iris Energy from $15.50 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. upgraded 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $20.30.

Iris Energy Stock Performance

The company's 50-day moving average price is $7.05 and its 200 day moving average price is $9.37.

Iris Energy (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.06). Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. The company had revenue of $148.10 million during the quarter, compared to analysts' expectations of $153.38 million. As a group, sell-side analysts expect that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors have recently bought and sold shares of IREN. Vontobel Holding Ltd. grew its stake in Iris Energy by 13.4% during the fourth quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company's stock valued at $549,000 after acquiring an additional 6,601 shares in the last quarter. JPMorgan Chase & Co. bought a new position in shares of Iris Energy during the 4th quarter valued at approximately $587,000. Private Advisor Group LLC purchased a new position in Iris Energy during the fourth quarter worth $120,000. Tower Research Capital LLC TRC raised its position in Iris Energy by 1,059.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock worth $82,000 after purchasing an additional 7,646 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Iris Energy by 46.5% during the 4th quarter. Bank of America Corp DE now owns 186,736 shares of the company's stock worth $1,834,000 after acquiring an additional 59,250 shares during the last quarter. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.