Iris Energy (NASDAQ:IREN) Price Target Lowered to $12.00 at B. Riley

Iris Energy (NASDAQ:IREN) had its price target cut by B. Riley from $17.00 to $12.00 in a report released on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also weighed in on IREN. Cantor Fitzgerald lowered their price objective on shares of Iris Energy from $23.00 to $20.00 and set an overweight rating for the company in a research note on Thursday, August 29th. Canaccord Genuity Group reiterated a buy rating and set a $15.00 price objective on shares of Iris Energy in a report on Thursday, August 29th. Needham & Company LLC assumed coverage on Iris Energy in a research note on Wednesday, September 4th. They issued a hold rating for the company. Compass Point dropped their price target on Iris Energy from $18.50 to $16.00 and set a buy rating on the stock in a research note on Friday, August 30th. Finally, JPMorgan Chase & Co. cut their price target on Iris Energy from $11.00 to $9.50 and set an overweight rating on the stock in a report on Friday, August 23rd. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Iris Energy has an average rating of Moderate Buy and an average price target of $15.63.

Iris Energy Stock Up 2.3 %

NASDAQ IREN opened at $7.56 on Friday. Iris Energy has a one year low of $2.79 and a one year high of $15.75. The business has a 50 day simple moving average of $9.13 and a 200 day simple moving average of $7.93.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Bluefin Capital Management LLC acquired a new position in shares of Iris Energy during the second quarter valued at about $113,000. Seven Eight Capital LP acquired a new position in shares of Iris Energy during the second quarter valued at about $146,000. Gordian Capital Singapore Pte Ltd purchased a new position in Iris Energy during the second quarter worth about $149,000. CCG Wealth Management LLC purchased a new position in Iris Energy during the first quarter worth about $72,000. Finally, VitalStone Financial LLC boosted its holdings in Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after purchasing an additional 11,030 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.