Iris Energy Limited (NASDAQ:IREN) Receives Average Recommendation of “Buy” from Brokerages

Shares of Iris Energy Limited (NASDAQ:IREN) have been assigned a consensus rating of “Buy” from the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $20.40.

IREN has been the subject of several research analyst reports. Canaccord Genuity Group increased their price objective on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. B. Riley increased their target price on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 target price on shares of Iris Energy in a research report on Thursday, February 13th. Finally, BTIG Research began coverage on Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company.

Iris Energy Stock Performance

Shares of IREN stock opened at $7.15 on Monday. Iris Energy has a 1-year low of $4.15 and a 1-year high of $15.92. The business has a 50-day moving average of $10.05 and a 200 day moving average of $10.07.

Iris Energy (NASDAQ:IREN) last issued its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share 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%. As a group, equities analysts anticipate that Iris Energy will post 0.43 EPS for the current year.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Stonebridge Financial Group LLC bought a new stake in shares of Iris Energy in the 4th quarter worth $29,000. HM Payson & Co. bought a new stake in shares of Iris Energy in the 4th quarter worth $30,000. R Squared Ltd purchased a new position in shares of Iris Energy in the 4th quarter worth $37,000. Main Management LLC purchased a new position in shares of Iris Energy in the 4th quarter worth $49,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Iris Energy by 1,059.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after buying an additional 7,646 shares during the last quarter. 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.