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

Shares of Iris Energy Limited (NASDAQ:IRENGet Rating) have been given an average rating of “Buy” by the ten research firms that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $26.25.

A number of equities research analysts recently commented on the company. Compass Point lifted their price objective on Iris Energy from $22.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 8th. Cantor Fitzgerald cut their target price on Iris Energy from $25.00 to $22.00 in a research report on Wednesday, March 9th. Canaccord Genuity Group dropped their price target on Iris Energy from $25.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, May 12th. Finally, Zacks Investment Research lowered shares of Iris Energy from a “buy” rating to a “hold” rating in a report on Wednesday, May 11th.

A number of institutional investors have recently modified their holdings of the business. UBS Group AG lifted its stake in Iris Energy by 62,871.4% during the 1st quarter. UBS Group AG now owns 4,408 shares of the company’s stock valued at $69,000 after acquiring an additional 4,401 shares during the period. Invesco Ltd. bought a new position in Iris Energy in the first quarter valued at about $214,000. Woodline Partners LP bought a new stake in shares of Iris Energy during the 4th quarter valued at about $243,000. Norges Bank purchased a new stake in shares of Iris Energy during the 4th quarter valued at about $352,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Iris Energy in the first quarter worth approximately $344,000. 11.33% of the stock is owned by institutional investors and hedge funds.

NASDAQ:IREN opened at $5.96 on Friday. The company has a 50 day moving average price of $9.96. Iris Energy has a 12 month low of $4.56 and a 12 month high of $28.25. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.74 and a current ratio of 3.74.

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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Analyst Recommendations for Iris Energy (NASDAQ:IREN)

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