Cantor Fitzgerald Reiterates Overweight Rating for Iris Energy (NASDAQ:IREN)

Iris Energy (NASDAQ:IREN)‘s stock had its “overweight” rating reissued by equities researchers at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They currently have a $23.00 price objective on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 69.74% from the stock’s current price.

A number of other equities research analysts have also weighed in on the stock. Canaccord Genuity Group raised their price objective on shares of Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 16th. HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of Iris Energy in a report on Thursday, May 16th. B. Riley reduced their price objective on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. increased their target price on shares of Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $14.92.

Iris Energy Trading Up 9.7 %

Iris Energy stock opened at $13.55 on Tuesday. Iris Energy has a 52-week low of $2.79 and a 52-week high of $13.69. The company’s 50 day moving average is $6.21 and its two-hundred day moving average is $5.87.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The business had revenue of $54.35 million for the quarter, compared to the consensus estimate of $58.41 million. As a group, equities analysts forecast that Iris Energy will post 0.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vident Advisory LLC grew its position in Iris Energy by 58.0% during the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after purchasing an additional 717,843 shares during the last quarter. Van ECK Associates Corp grew its position in Iris Energy by 23.7% during the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after purchasing an additional 351,774 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Iris Energy by 52.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after purchasing an additional 356,752 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Iris Energy by 47.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock worth $4,389,000 after purchasing an additional 196,635 shares during the last quarter. Finally, Quadrature Capital Ltd grew its position in Iris Energy by 719.8% during the 4th quarter. Quadrature Capital Ltd now owns 232,312 shares of the company’s stock worth $1,655,000 after purchasing an additional 203,976 shares during the last quarter. 41.08% of the stock is 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.