Iris Energy (NASDAQ:IREN) Trading 3.1% Higher Following Analyst Upgrade

Iris Energy Limited (NASDAQ:IRENGet Free Report) shares traded up 3.1% during mid-day trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $10.00 to $11.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Iris Energy traded as high as $8.47 and last traded at $8.25. 2,741,683 shares traded hands during trading, a decline of 70% from the average session volume of 9,286,391 shares. The stock had previously closed at $8.00.

Several other analysts also recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Iris Energy in a report on Thursday, May 16th. Canaccord Genuity Group upped their target price on Iris Energy from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. B. Riley decreased their target price on Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Iris Energy in a report on Thursday, March 28th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Iris Energy currently has a consensus rating of “Buy” and an average price target of $12.75.

Check Out Our Latest Stock Analysis on Iris Energy

Hedge Funds Weigh In On Iris Energy

Hedge funds have recently added to or reduced their stakes in the company. Goldentree Asset Management LP acquired a new stake in shares of Iris Energy during the first quarter worth about $626,000. PEAK6 Investments LLC bought a new position in shares of Iris Energy during the 1st quarter worth approximately $133,000. K2 Principal Fund L.P. bought a new position in shares of Iris Energy during the 1st quarter worth approximately $675,000. Vident Advisory LLC boosted its stake in shares of Iris Energy by 58.0% during the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after acquiring an additional 717,843 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in shares of Iris Energy during the 1st quarter worth approximately $893,000. Institutional investors own 41.08% of the company’s stock.

Iris Energy Stock Performance

The company has a fifty day moving average of $5.67 and a two-hundred day moving average of $5.57.

About Iris Energy

(Get Free Report)

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.

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