Iris Energy Limited (NASDAQ:IREN) Given Average Rating of "Buy" by Brokerages

Iris Energy Limited (NASDAQ:IREN - Get Free Report) has been assigned a consensus recommendation of "Buy" from the twelve analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $20.40.

A number of research analysts recently commented on IREN shares. Canaccord Genuity Group upped their price target on shares of Iris Energy from $17.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Needham & Company LLC reissued a "hold" rating on shares of Iris Energy in a research report on Thursday, February 13th. HC Wainwright upped their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Cantor Fitzgerald reiterated an "overweight" rating and set a $23.00 price target on shares of Iris Energy in a research report on Thursday, February 13th. Finally, BTIG Research initiated coverage on shares of Iris Energy in a research report on Friday, December 20th. They set a "buy" rating and a $33.00 price objective for the company.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently modified their holdings of the business. JT Stratford LLC raised its position in Iris Energy by 104.1% during the 4th quarter. JT Stratford LLC now owns 36,063 shares of the company's stock worth $354,000 after purchasing an additional 18,398 shares during the last quarter. Two Seas Capital LP raised its stake in Iris Energy by 212.7% during the fourth quarter. Two Seas Capital LP now owns 860,000 shares of the company's stock worth $8,445,000 after buying an additional 585,000 shares during the last quarter. Continuum Advisory LLC lifted its holdings in Iris Energy by 11.3% in the fourth quarter. Continuum Advisory LLC now owns 56,678 shares of the company's stock valued at $557,000 after buying an additional 5,772 shares during the period. Vident Advisory LLC boosted its position in Iris Energy by 26.1% during the fourth quarter. Vident Advisory LLC now owns 2,937,918 shares of the company's stock valued at $28,850,000 after acquiring an additional 608,736 shares during the last quarter. Finally, Twinbeech Capital LP acquired a new stake in Iris Energy during the 4th quarter worth about $4,324,000. Institutional investors and hedge funds own 41.08% of the company's stock.

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Iris Energy Trading Up 0.1 %

Shares of IREN traded up $0.01 on Monday, reaching $7.21. 10,004,434 shares of the company's stock were exchanged, compared to its average volume of 15,259,399. The business has a 50 day moving average price of $10.19 and a two-hundred day moving average price of $10.10. Iris Energy has a 12 month low of $4.15 and a 12 month high of $15.92.

Iris Energy (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings results 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%. On average, sell-side analysts anticipate that Iris Energy will post 0.43 earnings per share for the current year.

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.