Iris Energy (NASDAQ:IREN) Research Coverage Started at BTIG Research

BTIG Research started coverage on shares of Iris Energy (NASDAQ:IREN) in a research note released on Friday morning, Marketbeat reports. The firm issued a buy rating and a $33.00 target price on the stock.

Several other research analysts have also weighed in on IREN. Cantor Fitzgerald lifted their price objective on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. B. Riley boosted their price target on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Macquarie lifted their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, HC Wainwright increased their target price on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Price Performance

Shares of NASDAQ IREN opened at $11.81 on Friday. Iris Energy has a twelve month low of $3.56 and a twelve month high of $15.92. The firm has a fifty day simple moving average of $11.17 and a 200 day simple moving average of $10.24.

Institutional Investors Weigh In On Iris Energy

Institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP grew its holdings in shares of Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after acquiring an additional 958,494 shares in the last quarter. Van ECK Associates Corp boosted its position in Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after purchasing an additional 576,726 shares during the last quarter. D1 Capital Partners L.P. bought a new position in Iris Energy in the 2nd quarter valued at $17,319,000. Hood River Capital Management LLC purchased a new stake in shares of Iris Energy during the 2nd quarter valued at $13,618,000. Finally, Bank of Montreal Can bought a new stake in shares of Iris Energy during the 2nd quarter worth $9,969,000. 41.08% of the stock is owned by institutional investors.

About Iris Energy

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