Brokerages Set Iris Energy Limited (NASDAQ:IREN) Price Target at $19.50

Shares of Iris Energy Limited (NASDAQ:IREN) have been given a consensus rating of “Moderate Buy” by the twelve brokerages that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $19.50.

Several equities research analysts recently issued reports on IREN shares. B. Riley boosted 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. Cantor Fitzgerald increased their target price on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Roth Capital raised Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. BTIG Research assumed coverage on shares of Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, HC Wainwright raised their target price on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th.

Institutional Investors Weigh In On Iris Energy

Several hedge funds have recently modified their holdings of IREN. Central Asset Investments & Management Holdings HK Ltd acquired a new position in Iris Energy in the 2nd quarter worth about $779,000. Main Management ETF Advisors LLC bought a new position in Iris Energy in the 3rd quarter valued at approximately $760,000. Van ECK Associates Corp boosted its position in Iris Energy by 56.1% during the 3rd 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 during the period. Vontobel Holding Ltd. boosted 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 during the period. Finally, Creative Planning grew 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 acquiring an additional 190,300 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Trading Up 8.4 %

Shares of Iris Energy stock opened at $11.34 on Wednesday. The company has a 50-day simple moving average of $11.52 and a two-hundred day simple moving average of $10.17. Iris Energy has a twelve month low of $3.56 and a twelve month high of $15.92.

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.