Cantor Fitzgerald Reiterates Overweight Rating for Iris Energy (NASDAQ:IREN)

Iris Energy (NASDAQ:IREN)‘s stock had its “overweight” rating reissued by equities research analysts at Cantor Fitzgerald in a report issued on Thursday,Benzinga reports. They currently have a $23.00 target price on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 76.79% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Macquarie increased their price target 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 restated a “hold” rating on shares of Iris Energy in a research report on Thursday. B. Riley raised their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Canaccord Genuity Group raised their price objective on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday. Finally, HC Wainwright raised their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Iris Energy presently has an average rating of “Moderate Buy” and a consensus price target of $20.70.

Iris Energy Trading Down 0.5 %

IREN opened at $13.01 on Thursday. Iris Energy has a 1-year low of $4.15 and a 1-year high of $15.92. The firm’s 50 day simple moving average is $11.65 and its two-hundred day simple moving average is $9.99.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. As a group, sell-side analysts predict that Iris Energy will post 0.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

Institutional investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership grew its stake in shares of Iris Energy by 1,307.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock worth $55,825,000 after buying an additional 5,280,999 shares in the last quarter. Discovery Capital Management LLC CT purchased a new position in shares of Iris Energy in the 4th quarter worth $11,544,000. Regal Partners Ltd grew its stake in shares of Iris Energy by 93.9% in the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock worth $16,670,000 after buying an additional 822,251 shares in the last quarter. Two Seas Capital LP grew its stake in shares of Iris Energy by 212.7% in the 4th quarter. Two Seas Capital LP now owns 860,000 shares of the company’s stock worth $8,445,000 after buying an additional 585,000 shares in the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after buying an additional 576,726 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.