B. Riley Research Analysts Cut Earnings Estimates for Iris Energy Limited (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) – Analysts at B. Riley cut their FY2024 earnings per share (EPS) estimates for Iris Energy in a note issued to investors on Friday, July 12th. B. Riley analyst L. Pipes now expects that the company will post earnings per share of $0.00 for the year, down from their prior forecast of $0.04. B. Riley currently has a “Buy” rating and a $17.00 target price on the stock. B. Riley also issued estimates for Iris Energy’s Q4 2024 earnings at $0.01 EPS and FY2025 earnings at $0.54 EPS.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.04). The business had revenue of $54.35 million during the quarter, compared to analyst estimates of $58.41 million.

Several other research firms have also commented on IREN. Sanford C. Bernstein began coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price objective for the company. Cantor Fitzgerald upgraded shares of Iris Energy to a “strong-buy” rating in a research report on Wednesday, June 12th. Canaccord Genuity Group lifted their price target on Iris Energy from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. JPMorgan Chase & Co. boosted their price objective on Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Iris Energy in a research note on Thursday, May 16th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $17.57.

Iris Energy Trading Up 9.9 %

NASDAQ IREN opened at $12.31 on Monday. The stock has a 50 day moving average price of $10.04 and a 200-day moving average price of $7.04. Iris Energy has a one year low of $2.79 and a one year high of $15.75.

Institutional Investors Weigh In On Iris Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. VitalStone Financial LLC increased its stake in Iris Energy by 373.9% in the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after purchasing an additional 11,030 shares during the period. CCG Wealth Management LLC purchased a new position in Iris Energy in the 1st quarter worth about $72,000. Counterpoint Mutual Funds LLC bought a new stake in Iris Energy during the 4th quarter valued at about $84,000. PEAK6 Investments LLC purchased a new stake in Iris Energy in the 1st quarter valued at about $133,000. Finally, Olympiad Research LP bought a new position in Iris Energy in the 4th quarter worth about $173,000. 41.08% of the stock is currently 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.