B. Riley Increases Iris Energy (NASDAQ:IREN) Price Target to $18.00

Iris Energy (NASDAQ:IREN) had its price objective boosted by B. Riley from $9.50 to $18.00 in a research note published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently weighed in on IREN. JPMorgan Chase & Co. boosted their price target 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. HC Wainwright reissued a buy rating and issued a $10.00 price target on shares of Iris Energy in a research report on Thursday, May 16th. Canaccord Genuity Group lifted their price objective on shares of Iris Energy from $9.00 to $12.00 and gave the company a buy rating in a research note on Thursday, May 16th. Finally, Cantor Fitzgerald upgraded shares of Iris Energy to a strong-buy rating in a research note on Wednesday, June 12th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Buy and an average target price of $16.33.

Iris Energy Stock Down 3.9 %

Iris Energy stock opened at $11.79 on Monday. Iris Energy has a 12-month low of $2.79 and a 12-month high of $14.95. The company has a fifty day simple moving average of $8.21 and a 200-day simple moving average of $6.54.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The company had revenue of $54.35 million for the quarter, compared to analysts’ expectations of $58.41 million. On average, equities research analysts expect that Iris Energy will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vident Advisory LLC increased its stake in shares of Iris Energy by 58.0% during the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after acquiring an additional 717,843 shares during the period. Van ECK Associates Corp increased its stake in shares of Iris Energy by 32.9% during the fourth quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock worth $10,624,000 after acquiring an additional 368,140 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Iris Energy by 52.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after acquiring an additional 356,752 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Iris Energy during the fourth quarter worth about $1,655,000. Finally, Exchange Traded Concepts LLC increased its stake in shares of Iris Energy by 47.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock worth $4,389,000 after acquiring an additional 196,635 shares during the period. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.