Iris Energy (NASDAQ:IREN) Rating Reiterated by Canaccord Genuity Group

Iris Energy (NASDAQ:IREN)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity Group in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $9.00 target price on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 77.51% from the company’s previous close.

IREN has been the subject of several other reports. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Iris Energy in a research note on Thursday, March 28th. HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Iris Energy in a report on Tuesday, April 2nd. Finally, B. Riley dropped their price objective on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a report on Friday, March 15th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $12.00.

Iris Energy Stock Performance

IREN opened at $5.07 on Monday. Iris Energy has a fifty-two week low of $2.79 and a fifty-two week high of $9.69. The firm’s fifty day moving average is $5.17 and its 200 day moving average is $5.11.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) EPS for the quarter. The firm had revenue of $42.57 million during the quarter, compared to analyst estimates of $37.58 million. Equities analysts forecast that Iris Energy will post 0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Hedge funds have recently made changes to their positions in the company. Counterpoint Mutual Funds LLC purchased a new stake in shares of Iris Energy in the fourth quarter worth about $84,000. Tucker Asset Management LLC bought a new stake in Iris Energy during the third quarter worth approximately $47,000. CCG Wealth Management LLC bought a new stake in Iris Energy during the first quarter worth approximately $72,000. VitalStone Financial LLC increased its stake in Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares during the last quarter. Finally, Olympiad Research LP bought a new stake in Iris Energy during the fourth quarter worth approximately $173,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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.