Iris Energy (NASDAQ:IREN) Shares Up 7.7% – Should You Buy?

Iris Energy Limited (NASDAQ:IREN)’s stock price shot up 7.7% during trading on Friday . The company traded as high as $12.63 and last traded at $12.48. 11,853,034 shares traded hands during trading, a decline of 30% from the average session volume of 16,860,459 shares. The stock had previously closed at $11.59.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. B. Riley boosted their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Macquarie boosted their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. HC Wainwright boosted their target price on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Iris Energy has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Trading Up 7.6 %

The business’s 50-day moving average price is $11.77 and its two-hundred day moving average price is $9.88.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.11). Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. On average, research analysts anticipate that Iris Energy Limited will post 0.11 EPS for the current year.

Institutional Trading of Iris Energy

A number of institutional investors have recently modified their holdings of IREN. Truist Financial Corp grew its holdings in shares of Iris Energy by 3.2% during the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after buying an additional 1,575 shares in the last quarter. Sippican Capital Advisors boosted its holdings in Iris Energy by 15.1% during the fourth quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock worth $126,000 after purchasing an additional 1,680 shares during the last quarter. Drive Wealth Management LLC grew its position in Iris Energy by 5.8% in the fourth quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock valued at $390,000 after purchasing an additional 2,193 shares in the last quarter. Stonebridge Financial Group LLC bought a new position in shares of Iris Energy in the 4th quarter valued at about $29,000. Finally, HM Payson & Co. bought a new stake in Iris Energy during the fourth quarter worth about $30,000. 41.08% of the stock is currently owned by institutional investors.

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.