Iris Energy (NASDAQ:IREN) Price Target Raised to $22.00

Iris Energy (NASDAQ:IREN) had its price objective increased by stock analysts at HC Wainwright from $16.00 to $22.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 69.10% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Cantor Fitzgerald boosted their target price on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Macquarie boosted their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a report on Thursday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Finally, BTIG Research began coverage on shares of Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Price Performance

Shares of IREN opened at $13.01 on Thursday. Iris Energy has a one year low of $4.15 and a one year high of $15.92. The stock’s fifty day moving average is $11.72 and its 200-day moving average is $9.95.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. Research analysts anticipate that Iris Energy will post 0.11 earnings per share for the current fiscal year.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Iris Energy by 1,307.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock worth $55,825,000 after buying an additional 5,280,999 shares during the period. Van ECK Associates Corp lifted its position in shares of Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after acquiring an additional 576,726 shares in the last quarter. Discovery Capital Management LLC CT acquired a new position in Iris Energy in the 4th quarter worth approximately $11,544,000. Regal Partners Ltd boosted its stake in Iris Energy by 2.7% in the 3rd quarter. Regal Partners Ltd now owns 875,303 shares of the company’s stock worth $7,388,000 after purchasing an additional 23,132 shares during the period. Finally, Geode Capital Management LLC grew its position in Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after purchasing an additional 264,883 shares in the last quarter. Institutional investors and hedge funds 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.