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

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped up prior to trading on Thursday after Macquarie raised their price target on the stock from $13.50 to $19.00. The stock had previously closed at $14.27, but opened at $15.01. Macquarie currently has an outperform rating on the stock. Iris Energy shares last traded at $14.55, with a volume of 4,568,849 shares changing hands.

A number of other research firms also recently issued reports on IREN. B. Riley reduced their price target on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Cantor Fitzgerald boosted their target price on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Roth Mkm assumed coverage on Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price target for the company. Compass Point cut their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Finally, JPMorgan Chase & Co. lowered their price objective 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. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Iris Energy has a consensus rating of “Buy” and an average price target of $16.94.

Hedge Funds Weigh In On Iris Energy

Several institutional investors and hedge funds have recently modified their holdings of IREN. AFG Fiduciary Services Limited Partnership purchased a new position in Iris Energy during the third quarter worth about $77,000. Covestor Ltd purchased a new position in shares of Iris Energy during the 3rd quarter worth about $87,000. Sippican Capital Advisors acquired a new stake in shares of Iris Energy in the third quarter worth approximately $94,000. Bluefin Capital Management LLC purchased a new stake in Iris Energy in the second quarter valued at approximately $113,000. Finally, Seven Eight Capital LP acquired a new position in Iris Energy during the second quarter worth approximately $146,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Iris Energy Stock Performance

The stock’s 50 day simple moving average is $10.01 and its two-hundred day simple moving average is $9.79.

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.