Iris Energy Limited (NASDAQ:IREN) Receives Average Rating of “Moderate Buy” from Brokerages

Iris Energy Limited (NASDAQ:IREN – Get Rating) has been given a consensus recommendation of “Moderate Buy” by the nine research firms that are presently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $7.01.

IREN has been the subject of a number of research analyst reports. HC Wainwright upgraded Iris Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $3.00 to $8.00 in a report on Thursday, February 16th. Canaccord Genuity Group reduced their price objective on Iris Energy from $14.00 to $8.00 and set a “buy” rating for the company in a report on Friday, February 17th. Finally, Cantor Fitzgerald cut Iris Energy from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $7.00 to $3.00 in a report on Tuesday, November 8th.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC raised its position in shares of Iris Energy by 18.3% in the fourth quarter. Millennium Management LLC now owns 190,546 shares of the company’s stock valued at $238,000 after buying an additional 29,422 shares in the last quarter. Vident Investment Advisory LLC raised its position in Iris Energy by 16.2% during the fourth quarter. Vident Investment Advisory LLC now owns 333,000 shares of the company’s stock valued at $416,000 after purchasing an additional 46,351 shares in the last quarter. Penserra Capital Management LLC raised its position in Iris Energy by 42.7% during the fourth quarter. Penserra Capital Management LLC now owns 46,371 shares of the company’s stock valued at $57,000 after purchasing an additional 13,885 shares in the last quarter. Barclays PLC acquired a new position in Iris Energy during the fourth quarter valued at approximately $248,000. Finally, Renaissance Technologies LLC raised its position in Iris Energy by 548.3% during the fourth quarter. Renaissance Technologies LLC now owns 150,400 shares of the company’s stock valued at $188,000 after purchasing an additional 127,200 shares in the last quarter. 14.88% of the stock is currently owned by institutional investors and hedge funds.

Iris Energy Trading Up 4.6 %

Iris Energy stock opened at $2.62 on Friday. Iris Energy has a 52 week low of $1.02 and a 52 week high of $17.97. The stock has a 50-day simple moving average of $2.16 and a 200 day simple moving average of $2.80.

Iris Energy Company Profile

(Get Rating)

Iris Energy Limited owns and operates bitcoin mining data centers in Canada, the United States, and the Asia-Pacific. The company was incorporated in 2018 and is headquartered in Sydney, Australia.