Iris Energy (NASDAQ:IREN) Shares Gap Up After Analyst Upgrade

Iris Energy Limited (NASDAQ:IREN) shares gapped up before the market opened on Wednesday after Cantor Fitzgerald raised their price target on the stock from $20.00 to $23.00. The stock had previously closed at $9.56, but opened at $10.70. Cantor Fitzgerald currently has an overweight rating on the stock. Iris Energy shares last traded at $11.90, with a volume of 8,165,187 shares.

Other equities analysts have also issued research reports about the company. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Roth Mkm assumed coverage on Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price for the company. JPMorgan Chase & Co. dropped their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Compass Point lowered their target price on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. Finally, B. Riley cut their price target on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $16.33.

Hedge Funds Weigh In On Iris Energy

Several institutional investors have recently added to or reduced their stakes in the stock. Central Asset Investments & Management Holdings HK Ltd purchased a new position in Iris Energy during the 2nd quarter worth $779,000. Van ECK Associates Corp raised its holdings in 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 purchasing an additional 576,726 shares in the last quarter. Vontobel Holding Ltd. lifted its position in 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 purchasing an additional 27,212 shares during the period. Creative Planning boosted its holdings in Iris Energy by 71.2% in the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after purchasing an additional 190,300 shares in the last quarter. Finally, Campbell Capital Management Inc. acquired a new position in Iris Energy during the 3rd quarter worth approximately $608,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Stock Performance

The business has a 50 day moving average price of $9.32 and a 200-day moving average price of $9.46.

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.