Brokerages Set Iris Energy Limited (NASDAQ:IREN) Price Target at $16.94

Iris Energy Limited (NASDAQ:IREN) has earned a consensus rating of “Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $16.94.

Several equities analysts recently weighed in on the stock. Compass Point cut their price objective on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Canaccord Genuity Group increased their target price on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. B. Riley reduced their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Macquarie increased their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. reduced their target price on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd.

Iris Energy Stock Performance

Shares of NASDAQ:IREN opened at $14.51 on Friday. The firm has a 50 day simple moving average of $10.26 and a 200 day simple moving average of $9.93. Iris Energy has a 52 week low of $3.56 and a 52 week high of $15.92.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Central Asset Investments & Management Holdings HK Ltd acquired a new stake in shares of Iris Energy during the 2nd quarter worth about $779,000. Van ECK Associates Corp increased its holdings in shares of Iris Energy by 56.1% during the third 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. Vontobel Holding Ltd. raised its stake in shares of Iris Energy by 123.1% in the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock valued at $416,000 after acquiring an additional 27,212 shares during the last quarter. Creative Planning boosted its holdings in shares of Iris Energy by 71.2% in the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after acquiring an additional 190,300 shares in the last quarter. Finally, Campbell Capital Management Inc. acquired a new position in Iris Energy in the third quarter worth $608,000. Institutional investors own 41.08% of the company’s stock.

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.