Roth Capital Upgrades Iris Energy (NASDAQ:IREN) to “Strong-Buy”

Iris Energy (NASDAQ:IREN) was upgraded by equities researchers at Roth Capital to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks.com reports.

Several other research firms have also recently commented on IREN. HC Wainwright dropped their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Needham & Company LLC started coverage on Iris Energy in a research report on Wednesday, September 4th. They issued a “hold” rating for the company. Cantor Fitzgerald cut their target price on Iris Energy from $23.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, August 29th. B. Riley decreased their price objective on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, September 13th. Finally, JPMorgan Chase & Co. dropped their target price on Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $15.44.

Iris Energy Stock Performance

IREN stock opened at $7.80 on Tuesday. The firm’s 50-day moving average price is $8.08 and its two-hundred day moving average price is $8.20. Iris Energy has a 12-month low of $2.79 and a 12-month high of $15.75.

Hedge Funds Weigh In On Iris Energy

Institutional investors have recently bought and sold shares of the business. Quadrature Capital Ltd bought a new stake in shares of Iris Energy in the 4th quarter worth about $1,655,000. CCG Wealth Management LLC purchased a new position in shares of Iris Energy in the 1st quarter worth approximately $72,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Iris Energy in the first quarter worth $502,000. Van ECK Associates Corp boosted its holdings in Iris Energy by 23.7% in the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after acquiring an additional 351,774 shares in the last quarter. Finally, Daiwa Securities Group Inc. purchased a new position in shares of Iris Energy in the 1st quarter valued at approximately $446,000. Institutional investors own 41.08% of the company’s stock.

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.