Iris Energy (NASDAQ:IREN) Earns Buy Rating from Canaccord Genuity Group

Iris Energy (NASDAQ:IREN)‘s stock had its “buy” rating reissued by Canaccord Genuity Group in a report released on Friday,Benzinga reports. They currently have a $23.00 target price on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 173.48% from the company’s current price.

A number of other research firms have also recently weighed in on IREN. JPMorgan Chase & Co. raised shares of Iris Energy from a “neutral” rating to an “overweight” rating and lowered their price target for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a research note on Thursday, February 13th. HC Wainwright lowered their price target on shares of Iris Energy from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday. B. Riley upped their price target on shares of Iris Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Macquarie upped their price target on shares of Iris Energy from $15.50 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday. 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $20.30.

Iris Energy Stock Performance

Shares of NASDAQ:IREN opened at $8.41 on Friday. Iris Energy has a twelve month low of $5.13 and a twelve month high of $15.92. The firm has a 50 day simple moving average of $6.49 and a 200-day simple moving average of $9.51.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, May 14th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.06). The business 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%. As a group, sell-side analysts predict that Iris Energy will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership boosted its position in shares of Iris Energy by 1,307.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock worth $55,825,000 after buying an additional 5,280,999 shares in the last quarter. Situational Awareness LP purchased a new position in Iris Energy in the 1st quarter valued at about $20,500,000. Vident Advisory LLC lifted its holdings in Iris Energy by 0.6% in the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company’s stock valued at $18,006,000 after purchasing an additional 18,794 shares in the last quarter. Invesco Ltd. lifted its holdings in Iris Energy by 22.5% in the 4th quarter. Invesco Ltd. now owns 2,311,583 shares of the company’s stock valued at $22,700,000 after purchasing an additional 424,403 shares in the last quarter. Finally, Regal Partners Ltd lifted its holdings in Iris Energy by 93.9% in the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock valued at $16,670,000 after purchasing an additional 822,251 shares in the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Iris Energy Company Profile

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