HC Wainwright Issues Pessimistic Forecast for Iris Energy (NASDAQ:IREN) Stock Price

Iris Energy (NASDAQ:IREN) had its target price cut by research analysts at HC Wainwright from $22.00 to $21.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 149.70% from the company’s previous close. HC Wainwright also issued estimates for Iris Energy’s Q2 2026 earnings at $0.46 EPS, Q3 2026 earnings at $0.50 EPS, Q4 2026 earnings at $0.53 EPS and FY2026 earnings at $1.83 EPS.

IREN has been the topic of several other reports. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a research report on Thursday, February 13th. JPMorgan Chase & Co. upgraded Iris Energy from a “neutral” rating to an “overweight” rating and reduced their price objective for the company from $15.00 to $12.00 in a research report on Thursday, March 13th. Finally, Canaccord Genuity Group lifted their price objective on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. One equities 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. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $20.30.

Iris Energy Price Performance

Shares of NASDAQ:IREN opened at $8.41 on Thursday. The business’s 50 day simple moving average is $6.49 and its 200-day simple moving average is $9.52. Iris Energy has a 12 month low of $5.13 and a 12 month high of $15.92.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.06). The firm had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. 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 EPS for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently modified their holdings of IREN. Stonebridge Financial Group LLC acquired a new stake in shares of Iris Energy in the fourth quarter worth $29,000. HM Payson & Co. purchased a new position in Iris Energy in the fourth quarter valued at about $30,000. R Squared Ltd acquired a new position in shares of Iris Energy during the fourth quarter worth about $37,000. Main Management LLC purchased a new stake in shares of Iris Energy in the fourth quarter worth about $49,000. Finally, Crewe Advisors LLC purchased a new stake in shares of Iris Energy in the first quarter worth about $39,000. 41.08% of the stock is 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.