Iris Energy Limited (NASDAQ:IREN) Receives $20.70 Average Target Price from Brokerages

Shares of Iris Energy Limited (NASDAQ:IREN) have earned a consensus recommendation of “Moderate Buy” from the twelve analysts that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $20.70.

A number of brokerages have issued reports on IREN. BTIG Research initiated coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price target for the company. Canaccord Genuity Group upped 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, February 13th. HC Wainwright upped their target price on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a report on Thursday, February 13th. Finally, Macquarie upped their price target on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Iris Energy Stock Performance

Shares of IREN stock opened at $10.88 on Thursday. The business has a 50 day moving average of $11.53 and a two-hundred day moving average of $10.12. Iris Energy has a 52 week low of $4.15 and a 52 week 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, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. On average, research analysts forecast that Iris Energy will post 0.43 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership lifted its position in Iris Energy by 1,307.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock worth $55,825,000 after buying an additional 5,280,999 shares in the last quarter. Discovery Capital Management LLC CT purchased a new stake in shares of Iris Energy during the 4th quarter worth about $11,544,000. Two Sigma Investments LP raised its position in Iris Energy by 193.2% during the fourth quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock valued at $15,738,000 after acquiring an additional 1,056,005 shares in the last quarter. Regal Partners Ltd raised its position in Iris Energy by 93.9% during the fourth quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock valued at $16,670,000 after acquiring an additional 822,251 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new position in shares of Iris Energy during the 4th quarter valued at $7,162,000. Institutional investors and hedge funds 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.