Iris Energy’s (IREN) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Iris Energy (NASDAQ:IREN) in a research note issued to investors on Thursday,Benzinga reports. They currently have a $23.00 price objective on the stock.

Several other brokerages have also issued reports on IREN. Macquarie upped their target price on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group increased their price target on shares of Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday. B. Riley raised their target price on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. BTIG Research initiated coverage on shares of Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. Finally, HC Wainwright raised their target price on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Iris Energy currently has a consensus rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Trading Down 0.5 %

Shares of IREN stock opened at $13.01 on Thursday. The stock has a 50 day simple moving average of $11.65 and a 200 day simple moving average of $9.99. Iris Energy has a 1 year low of $4.15 and a 1 year high of $15.92.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. On average, equities research analysts expect that Iris Energy will post 0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. Arrowstreet Capital Limited Partnership raised its holdings in Iris Energy by 1,307.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock worth $55,825,000 after purchasing an additional 5,280,999 shares in the last quarter. Discovery Capital Management LLC CT purchased a new stake in shares of Iris Energy in the 4th quarter worth about $11,544,000. Regal Partners Ltd boosted its position in shares of Iris Energy by 93.9% in the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock worth $16,670,000 after buying an additional 822,251 shares in the last quarter. Two Seas Capital LP raised its stake in Iris Energy by 212.7% in the 4th quarter. Two Seas Capital LP now owns 860,000 shares of the company’s stock valued at $8,445,000 after purchasing an additional 585,000 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after purchasing an additional 576,726 shares during the last quarter. Hedge funds and other 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.