Iris Energy Limited (NASDAQ:IREN) Receives $20.40 Consensus Price Target from Analysts

Shares of Iris Energy Limited (NASDAQ:IREN) have earned a consensus recommendation of “Buy” from the twelve brokerages that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $20.40.

Several equities research analysts recently issued reports on IREN shares. BTIG Research initiated coverage on shares of Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. JPMorgan Chase & Co. raised shares of Iris Energy from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. B. Riley increased their price target on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Canaccord Genuity Group boosted their price objective on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IREN. Baader Bank Aktiengesellschaft grew its position in shares of Iris Energy by 66.7% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company’s stock worth $1,228,000 after buying an additional 50,000 shares during the period. Vontobel Holding Ltd. raised its holdings in Iris Energy by 13.4% during the fourth quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company’s stock worth $549,000 after buying an additional 6,601 shares during the last quarter. Main Management ETF Advisors LLC bought a new position in shares of Iris Energy in the third quarter valued at $760,000. Private Advisor Group LLC acquired a new position in shares of Iris Energy during the fourth quarter valued at about $120,000. Finally, 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. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Stock Performance

NASDAQ IREN opened at $7.15 on Monday. The business has a fifty day moving average price of $10.05 and a two-hundred day moving average price of $10.12. Iris Energy has a fifty-two week low of $4.15 and a fifty-two week high of $15.92.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data 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 return on equity of 3.98% and a negative net margin of 17.94%. As a group, research analysts predict that Iris Energy will post 0.43 EPS for the current fiscal year.

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.