Iris Energy (NASDAQ:IREN) Cut to Hold at Zacks Investment Research

Iris Energy (NASDAQ:IRENGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Iris Energy is a Bitcoin mining company. It builds, owns and operates data center infrastructure with a focus on entry into regions where it can access abundant and/or under-utilized renewable energy to power its operations. Iris Energy is based in SYDNEY, Australia. “

Other analysts also recently issued research reports about the stock. Compass Point increased their target price on shares of Iris Energy from $22.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, March 8th. Canaccord Genuity Group lowered their target price on shares of Iris Energy from $30.00 to $25.00 in a report on Friday, January 14th. Canaccord Genuity Group lowered their target price on shares of Iris Energy from $30.00 to $25.00 in a report on Friday, January 14th. Finally, Cantor Fitzgerald lowered their target price on shares of Iris Energy from $25.00 to $22.00 in a report on Wednesday, March 9th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Iris Energy has a consensus rating of “Buy” and an average price target of $26.00.

Iris Energy stock opened at $7.68 on Wednesday. Iris Energy has a 1-year low of $7.55 and a 1-year high of $28.25. The firm has a fifty day simple moving average of $12.94. The company has a debt-to-equity ratio of 0.04, a quick ratio of 9.14 and a current ratio of 9.14.

Iris Energy (NASDAQ:IRENGet Rating) last announced its earnings results on Wednesday, February 9th. The company reported ($0.87) EPS for the quarter, missing the consensus estimate of $0.17 by ($1.04). The firm had revenue of $25.31 million for the quarter, compared to the consensus estimate of $21.72 million. Equities research analysts predict that Iris Energy will post 1.16 EPS for the current year.

Large investors have recently modified their holdings of the business. Woodline Partners LP bought a new position in Iris Energy during the fourth quarter worth about $243,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Iris Energy during the first quarter worth about $344,000. Norges Bank bought a new position in Iris Energy during the fourth quarter worth about $352,000. Citadel Advisors LLC bought a new position in Iris Energy during the fourth quarter worth about $447,000. Finally, Geode Capital Management LLC bought a new position in Iris Energy during the fourth quarter worth about $492,000. Hedge funds and other institutional investors own 11.33% of the company’s stock.

About Iris Energy (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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