Iris Energy Limited (NASDAQ:IREN) Receives Average Recommendation of “Buy” from Analysts

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

IREN has been the subject of several research reports. HC Wainwright boosted their price objective on 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 boosted their price target on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 target price on shares of Iris Energy in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. upgraded 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 research report on Thursday, March 13th.

Iris Energy Trading Down 6.9 %

Shares of IREN stock opened at $5.49 on Friday. The business’s 50 day moving average is $8.48 and its two-hundred day moving average is $9.93. 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 (EPS) for the quarter, beating the consensus estimate 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%. On average, equities analysts predict that Iris Energy will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On Iris Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in shares of Iris Energy by 8.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 362,026 shares of the company’s stock valued at $3,055,000 after buying an additional 29,311 shares during the period. State Street Corp increased its stake in Iris Energy by 62.2% during the third quarter. State Street Corp now owns 79,759 shares of the company’s stock worth $673,000 after acquiring an additional 30,576 shares during the last quarter. Wellington Management Group LLP raised its position in Iris Energy by 28.3% in the third quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock valued at $309,000 after purchasing an additional 8,092 shares during the period. Kovitz Investment Group Partners LLC acquired a new position in shares of Iris Energy in the 3rd quarter valued at $927,000. Finally, Geode Capital Management LLC grew its holdings in shares of Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after purchasing an additional 264,883 shares during the period. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.