Iris Energy Limited (NASDAQ:IREN) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Iris Energy Limited (NASDAQ:IREN) have been assigned a consensus rating of “Moderate Buy” from the twelve research firms that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $19.50.

A number of brokerages have recently issued reports on IREN. Macquarie boosted their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Roth Mkm assumed coverage on Iris Energy in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price target on the stock. B. Riley increased their price target on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Canaccord Genuity Group lifted their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Cantor Fitzgerald increased their target price on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IREN. Geode Capital Management LLC increased its position in shares of Iris Energy by 56.3% during the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after acquiring an additional 264,883 shares in the last quarter. Sender Co & Partners Inc. bought a new stake in Iris Energy during the 3rd quarter worth approximately $561,000. Continuum Advisory LLC purchased a new stake in shares of Iris Energy in the third quarter worth approximately $430,000. Y Intercept Hong Kong Ltd lifted its holdings in shares of Iris Energy by 592.2% in the third quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock valued at $1,745,000 after purchasing an additional 176,843 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in shares of Iris Energy during the third quarter valued at approximately $760,000. 41.08% of the stock is owned by institutional investors.

Iris Energy Stock Performance

IREN stock opened at $11.38 on Wednesday. The company’s fifty day simple moving average is $11.55 and its 200 day simple moving average is $10.09. Iris Energy has a 12-month low of $3.56 and a 12-month high of $15.92.

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.