Iris Energy Limited (NASDAQ:IREN) Receives $17.71 Consensus PT from Analysts

Shares of Iris Energy Limited (NASDAQ:IREN) have earned an average recommendation of “Buy” from the six analysts that are covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $17.57.

Several analysts recently issued reports on IREN shares. Cantor Fitzgerald raised Iris Energy to a “strong-buy” rating in a research note on Wednesday, June 12th. HC Wainwright reissued a “buy” rating and issued a $10.00 target price on shares of Iris Energy in a research note on Thursday, May 16th. B. Riley cut their target price on Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday. Canaccord Genuity Group lifted their price objective on Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Finally, JPMorgan Chase & Co. lifted their price objective on Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th.

Institutional Trading of Iris Energy

A number of hedge funds have recently made changes to their positions in IREN. Tucker Asset Management LLC bought a new stake in shares of Iris Energy in the 3rd quarter worth approximately $47,000. Exchange Traded Concepts LLC boosted its position in shares of Iris Energy by 47.1% in 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Iris Energy by 52.4% in 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 acquiring an additional 356,752 shares during the last quarter. Vontobel Holding Ltd. raised its holdings in Iris Energy by 123.2% in the 4th quarter. Vontobel Holding Ltd. now owns 62,791 shares of the company’s stock worth $449,000 after acquiring an additional 34,662 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in Iris Energy by 32.9% in the 4th 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 last quarter. 41.08% of the stock is owned by institutional investors.

Iris Energy Price Performance

NASDAQ IREN opened at $12.31 on Wednesday. Iris Energy has a 1 year low of $2.79 and a 1 year high of $15.75. The business’s 50-day moving average is $10.04 and its 200 day moving average is $7.04.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.04). The company had revenue of $54.35 million during the quarter, compared to the consensus estimate of $58.41 million.

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.