Iris Energy (NASDAQ:IREN) Earns Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Iris Energy (NASDAQ:IREN) in a report issued on Wednesday, Benzinga reports. They currently have a $20.00 target price on the stock.

Other equities analysts have also issued research reports about the company. Macquarie lifted their price target on Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a research report on Thursday, August 29th. Needham & Company LLC started coverage on Iris Energy in a research report on Wednesday, September 4th. They issued a “hold” rating for the company. Roth Capital raised Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Finally, Sanford C. Bernstein started coverage on Iris Energy in a research report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 target price for the company. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Iris Energy presently has a consensus rating of “Buy” and a consensus price target of $15.44.

Iris Energy Price Performance

Shares of IREN traded down $0.07 during trading hours on Wednesday, hitting $9.05. The company had a trading volume of 14,840,817 shares, compared to its average volume of 12,992,236. The firm has a fifty day moving average price of $8.28 and a 200-day moving average price of $8.70. Iris Energy has a 52-week low of $2.79 and a 52-week high of $15.75.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Iris Energy during the 1st quarter valued at approximately $502,000. Van ECK Associates Corp boosted its stake in Iris Energy by 23.7% in 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 period. Daiwa Securities Group Inc. bought a new position in Iris Energy in the 1st quarter worth approximately $446,000. VitalStone Financial LLC boosted its stake in Iris Energy by 373.9% in the 1st 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 period. Finally, Russell Investments Group Ltd. bought a new position in Iris Energy in the 1st quarter worth approximately $893,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.