Iris Energy (NASDAQ:IREN) Stock Rating Upgraded by JPMorgan Chase & Co.

Iris Energy (NASDAQ:IREN) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Thursday, Marketbeat reports. The firm currently has a $12.00 price objective on the stock, down from their previous price objective of $15.00. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 66.44% from the stock’s previous close.

IREN has been the subject of several other research reports. B. Riley lifted their price target on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. HC Wainwright lifted their price target on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Macquarie boosted their target price on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th. Finally, BTIG Research assumed coverage on Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $20.40.

Iris Energy Price Performance

NASDAQ:IREN opened at $7.21 on Thursday. Iris Energy has a 52-week low of $4.15 and a 52-week high of $15.92. The stock has a fifty day moving average of $10.52 and a 200 day moving average of $10.11.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings data 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 return on equity of 3.98% and a negative net margin of 17.94%. Equities analysts predict that Iris Energy will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new position in shares of Iris Energy during the 4th quarter worth approximately $29,000. HM Payson & Co. purchased a new position in shares of Iris Energy during the 4th quarter worth approximately $30,000. R Squared Ltd purchased a new position in shares of Iris Energy during the 4th quarter worth approximately $37,000. Main Management LLC purchased a new position in shares of Iris Energy during the 4th quarter worth approximately $49,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Iris Energy by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after acquiring an additional 7,646 shares during the period. 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.