Iris Energy (NASDAQ:IREN) Price Target Raised to $20.00

Iris Energy (NASDAQ:IREN) had its price objective raised by Macquarie from $15.50 to $20.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other equities research analysts have also recently commented on IREN. JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and cut their price target for the company from $15.00 to $12.00 in a report on Thursday, March 13th. Canaccord Genuity Group increased their price target on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. HC Wainwright dropped their target price on shares of Iris Energy from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 target price on shares of Iris Energy in a report on Thursday, February 13th. 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 to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $20.30.

Iris Energy Stock Performance

Shares of IREN opened at $8.41 on Thursday. Iris Energy has a fifty-two week low of $5.13 and a fifty-two week high of $15.92. The firm’s 50-day simple moving average is $6.49 and its two-hundred day simple moving average is $9.51.

Iris Energy (NASDAQ:IREN) last posted its quarterly 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). Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. The firm had revenue of $148.10 million for the quarter, compared to analysts’ expectations of $153.38 million. As a group, equities analysts expect that Iris Energy will post 0.43 earnings per share for the current fiscal year.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Baader Bank Aktiengesellschaft raised its position in shares of Iris Energy by 66.7% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company’s stock valued at $1,228,000 after purchasing an additional 50,000 shares during the period. Vontobel Holding Ltd. grew its stake in Iris Energy by 13.4% during the fourth quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company’s stock valued at $549,000 after acquiring an additional 6,601 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in Iris Energy during the fourth quarter valued at $587,000. Private Advisor Group LLC purchased a new position in Iris Energy during the fourth quarter valued at $120,000. Finally, Tower Research Capital LLC TRC grew its stake in Iris Energy by 1,059.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock valued at $82,000 after acquiring an additional 7,646 shares in the last quarter. 41.08% of the stock is currently 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.