Brokerages Set Iris Energy Limited (NASDAQ:IREN) Price Target at $20.40

Iris Energy Limited (NASDAQ:IREN) has been given an average rating of “Buy” by the twelve brokerages that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $20.40.

Several equities research analysts recently commented on the stock. HC Wainwright boosted their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Canaccord Genuity Group upped their target price on shares of Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. BTIG Research assumed coverage on shares of Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective for the company. Macquarie upped their target price on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised shares of Iris Energy from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $15.00 to $12.00 in a report on Thursday, March 13th.

Iris Energy Stock Performance

IREN stock opened at $7.20 on Monday. The firm’s 50-day moving average price is $10.19 and its two-hundred day moving average price is $10.10. Iris Energy has a 12-month low of $4.15 and a 12-month high of $15.92.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. Equities research analysts anticipate that Iris Energy will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Stonebridge Financial Group LLC purchased a new position in Iris Energy in the 4th quarter worth about $29,000. HM Payson & Co. bought a new position in shares of Iris Energy during the 4th quarter worth approximately $30,000. R Squared Ltd purchased a new stake in Iris Energy during the 4th quarter worth approximately $37,000. Main Management LLC purchased a new stake in Iris Energy during the 4th quarter worth approximately $49,000. Finally, Tower Research Capital LLC TRC grew its position in Iris Energy by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after purchasing an additional 7,646 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.