Iris Energy (NASDAQ:IREN) Reaches New 12-Month High – Still a Buy?

Shares of Iris Energy Limited (NASDAQ:IREN) hit a new 52-week high on Friday . The stock traded as high as $15.88 and last traded at $15.39, with a volume of 21681688 shares trading hands. The stock had previously closed at $14.15.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Cantor Fitzgerald upped their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Canaccord Genuity Group boosted 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. JPMorgan Chase & Co. cut their target price on Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. Finally, HC Wainwright boosted their target price on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $16.94.

Iris Energy Stock Up 8.8 %

The business has a 50-day moving average of $10.01 and a 200-day moving average of $9.79.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Bluefin Capital Management LLC bought a new stake in shares of Iris Energy in the second quarter valued at $113,000. AFG Fiduciary Services Limited Partnership purchased a new stake in Iris Energy during the 3rd quarter valued at $77,000. Covestor Ltd purchased a new position in shares of Iris Energy during the third quarter valued at approximately $87,000. Sippican Capital Advisors purchased a new position in shares of Iris Energy during the third quarter valued at about $94,000. Finally, Seven Eight Capital LP bought a new position in shares of Iris Energy in the 2nd quarter worth approximately $146,000. Institutional investors own 41.08% of the company’s stock.

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.