Cantor Fitzgerald Forecasts Strong Price Appreciation for Iris Energy (NASDAQ:IREN) Stock

Iris Energy (NASDAQ:IREN) had its price objective upped by research analysts at Cantor Fitzgerald from $20.00 to $23.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 85.48% from the stock’s current price.

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

Iris Energy Price Performance

IREN opened at $12.40 on Wednesday. The business has a fifty day simple moving average of $9.42 and a 200-day simple moving average of $9.48. Iris Energy has a fifty-two week low of $3.56 and a fifty-two week high of $15.75.

Institutional Investors Weigh In On Iris Energy

Several large investors have recently made changes to their positions in the company. AFG Fiduciary Services Limited Partnership acquired a new stake in Iris Energy in the 3rd quarter valued at about $77,000. Covestor Ltd bought a new position in Iris Energy during the third quarter worth about $87,000. Sippican Capital Advisors acquired a new position in Iris Energy during the third quarter valued at approximately $94,000. Bluefin Capital Management LLC bought a new stake in shares of Iris Energy in the 2nd quarter valued at $113,000. Finally, PEAK6 Investments LLC bought a new stake in shares of Iris Energy in the first quarter worth about $133,000. Institutional investors own 41.08% of the company’s stock.

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.