Iris Energy Limited (NASDAQ:IREN) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Iris Energy Limited (NASDAQ:IREN) has received an average rating of “Moderate Buy” from the twelve research firms that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $19.50.

IREN has been the topic of a number of recent research reports. JPMorgan Chase & Co. reissued a “neutral” rating and set a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Cantor Fitzgerald upped their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Roth Mkm assumed coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Finally, HC Wainwright raised their price target on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th.

Hedge Funds Weigh In On Iris Energy

Hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC grew its position in Iris Energy by 56.3% in the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after acquiring an additional 264,883 shares in the last quarter. Sender Co & Partners Inc. purchased a new position in shares of Iris Energy in the third quarter valued at approximately $561,000. Continuum Advisory LLC acquired a new position in shares of Iris Energy in the third quarter valued at approximately $430,000. Y Intercept Hong Kong Ltd increased its stake in Iris Energy by 592.2% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock worth $1,745,000 after buying an additional 176,843 shares during the period. Finally, Main Management ETF Advisors LLC acquired a new stake in Iris Energy during the 3rd quarter worth approximately $760,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Stock Performance

Shares of Iris Energy stock opened at $9.82 on Wednesday. The stock’s 50 day simple moving average is $11.43 and its 200-day simple moving average is $10.19. Iris Energy has a 1-year low of $3.56 and a 1-year high of $15.92.

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.