Iris Energy (NASDAQ:IREN) Price Target Raised to $23.00

Iris Energy (NASDAQ:IREN) had its target price lifted by Canaccord Genuity Group from $17.00 to $23.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently issued reports on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Macquarie upped their price target on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. B. Riley lifted their price objective on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Thursday. Finally, Cantor Fitzgerald lifted their price target on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.70.

Iris Energy Stock Performance

Shares of NASDAQ:IREN opened at $13.01 on Thursday. The business has a fifty day moving average of $11.65 and a 200-day moving average of $9.99. Iris Energy has a twelve month low of $4.15 and a twelve month high of $15.92.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating 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, research analysts forecast that Iris Energy will post 0.11 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Creative Planning raised its holdings in Iris Energy by 71.2% during the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after buying an additional 190,300 shares during the period. Vontobel Holding Ltd. lifted its position in Iris Energy by 123.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after buying an additional 27,212 shares in the last quarter. Avaii Wealth Management LLC boosted its position in Iris Energy by 89.9% during the third quarter. Avaii Wealth Management LLC now owns 42,267 shares of the company’s stock valued at $357,000 after purchasing an additional 20,013 shares during the last quarter. X Square Capital LLC boosted its holdings in shares of Iris Energy by 100.0% in the 3rd quarter. X Square Capital LLC now owns 90,000 shares of the company’s stock valued at $760,000 after buying an additional 45,000 shares during the last quarter. Finally, Sippican Capital Advisors bought a new position in shares of Iris Energy in the 3rd quarter valued at about $94,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.