Iris Energy (NASDAQ:IREN) Announces Earnings Results, Beats Expectations By $0.13 EPS

Iris Energy (NASDAQ:IREN) released its earnings results on Wednesday. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.13, Zacks reports. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%.

Iris Energy Price Performance

NASDAQ IREN traded down $0.45 on Thursday, hitting $12.56. The company had a trading volume of 4,957,090 shares, compared to its average volume of 16,095,695. The company’s fifty day moving average price is $11.72 and its 200-day moving average price is $9.95. Iris Energy has a 12-month low of $4.15 and a 12-month high of $15.92.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Canaccord Genuity Group upped their target price on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday. Cantor Fitzgerald increased their price objective on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. BTIG Research initiated coverage on Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 target price for the company. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Thursday. Finally, HC Wainwright raised their price target on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday. Two 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 stock. According to data from MarketBeat.com, Iris Energy presently has an average rating of “Moderate Buy” and an average target price of $20.70.

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.