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

Iris Energy Limited (NASDAQ:IREN) has been assigned a consensus rating of “Moderate Buy” from the twelve research firms that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $19.50.

A number of research analysts recently issued reports on IREN shares. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Canaccord Genuity Group lifted their price target on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. HC Wainwright increased their price objective on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Macquarie lifted their target price on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Roth Capital raised Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can acquired a new stake in shares of Iris Energy in the 2nd quarter valued at about $9,969,000. Van ECK Associates Corp boosted its holdings 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 acquiring an additional 576,726 shares during the last quarter. Rush Island Management LP bought a new stake in shares of Iris Energy in the 3rd quarter worth $4,783,000. Paloma Partners Management Co purchased a new stake in shares of Iris Energy in the third quarter valued at about $2,739,000. Finally, Geode Capital Management LLC boosted its holdings in 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 purchasing an additional 264,883 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

Iris Energy Stock Performance

Shares of Iris Energy stock opened at $10.08 on Friday. The company’s 50 day moving average price is $11.79 and its two-hundred day moving average price is $9.90. Iris Energy has a fifty-two week low of $3.56 and a fifty-two week high of $15.92.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings data on Tuesday, November 26th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.11). Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. On average, research analysts anticipate that Iris Energy will post 0.12 EPS for the current 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.