Iris Energy Limited’s Lock-Up Period Set To Expire on May 16th (NASDAQ:IREN)

Iris Energy’s (NASDAQ:IREN – Get Rating) lock-up period is set to expire on Monday, May 16th. Iris Energy had issued 8,269,231 shares in its public offering on November 17th. The total size of the offering was $231,538,468 based on an initial share price of $28.00. After the expiration of Iris Energy’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.

A number of brokerages recently weighed in on IREN. Compass Point raised their price objective on Iris Energy from $22.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, March 8th. Cantor Fitzgerald decreased their price target on Iris Energy from $25.00 to $22.00 in a research note on Wednesday, March 9th. Canaccord Genuity Group decreased their price target on Iris Energy from $30.00 to $25.00 in a research note on Friday, January 14th. Zacks Investment Research raised Iris Energy from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research note on Wednesday, April 20th. Finally, Canaccord Genuity Group decreased their price target on Iris Energy from $30.00 to $25.00 in a research note on Friday, January 14th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $26.00.

IREN opened at $9.49 on Monday. The business has a fifty day moving average price of $13.23. The company has a quick ratio of 9.14, a current ratio of 9.14 and a debt-to-equity ratio of 0.04. Iris Energy has a 12-month low of $8.55 and a 12-month high of $28.25.

Iris Energy (NASDAQ:IREN – Get Rating) last posted its quarterly earnings data on Wednesday, February 9th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.04). The business had revenue of $25.31 million during the quarter, compared to analyst estimates of $21.72 million. On average, equities analysts predict that Iris Energy will post 1.16 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. purchased a new stake in shares of Iris Energy during the fourth quarter valued at $10,309,000. Point72 Asset Management L.P. purchased a new stake in shares of Iris Energy during the fourth quarter valued at $7,194,000. Millennium Management LLC purchased a new stake in shares of Iris Energy during the fourth quarter valued at $4,456,000. Exchange Traded Concepts LLC purchased a new stake in shares of Iris Energy during the first quarter valued at $3,665,000. Finally, Allianz Asset Management GmbH purchased a new stake in shares of Iris Energy during the fourth quarter valued at $3,602,000. 11.33% of the stock is currently owned by hedge funds and other institutional investors.

Iris Energy Company Profile (Get Rating)

Iris Energy Limited operates as a bitcoin mining company. The company was incorporated in 2018 and is based in Sydney, Australia.

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