Canaccord Genuity Group Issues Positive Forecast for Iris Energy (NASDAQ:IREN) Stock Price

Iris Energy (NASDAQ:IREN) had its price target raised by Canaccord Genuity Group from $17.00 to $23.00 in a research report sent to investors on Thursday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other research analysts have also recently issued reports about the company. Macquarie boosted their target price on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. B. Riley boosted their price objective on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Cantor Fitzgerald raised their target price 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. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Finally, BTIG Research started coverage on shares of Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective on the stock. Two research 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.70.

Iris Energy Trading Up 0.5 %

Shares of NASDAQ:IREN opened at $13.08 on Thursday. The firm’s 50-day moving average is $11.70 and its two-hundred day moving average is $9.97. Iris Energy has a 1 year low of $4.15 and a 1 year high of $15.92.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping 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%. As a group, research analysts anticipate that Iris Energy will post 0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

Several hedge funds have recently made changes to their positions in IREN. Stonebridge Financial Group LLC purchased a new stake in shares of Iris Energy in the 4th quarter valued at about $29,000. HM Payson & Co. acquired a new position in Iris Energy during the fourth quarter worth approximately $30,000. R Squared Ltd purchased a new stake in Iris Energy in the fourth quarter valued at approximately $37,000. Covestor Ltd acquired a new stake in shares of Iris Energy in the third quarter valued at approximately $87,000. Finally, Sippican Capital Advisors purchased a new position in shares of Iris Energy during the third quarter worth approximately $94,000. Hedge funds and other 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.