Iris Energy Limited (NASDAQ:IREN) Given Consensus Recommendation of "Buy" by Brokerages

Shares of Iris Energy Limited (NASDAQ:IREN - Get Free Report) have received a consensus rating of "Buy" from the twelve brokerages that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $20.40.

A number of research analysts have issued reports on IREN shares. Canaccord Genuity Group upped their target price on shares of Iris Energy from $17.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised Iris Energy from a "neutral" rating to an "overweight" rating and decreased their target price for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. Cantor Fitzgerald restated an "overweight" rating and set a $23.00 target price on shares of Iris Energy in a report on Thursday, February 13th. HC Wainwright lifted their price target on Iris Energy from $16.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Iris Energy in a report on Thursday, February 13th.

Iris Energy Price Performance

IREN stock traded down $0.06 during trading on Friday, hitting $5.40. The company had a trading volume of 2,365,138 shares, compared to its average volume of 15,393,100. Iris Energy has a fifty-two week low of $4.15 and a fifty-two week high of $15.92. The company has a fifty day moving average price of $8.15 and a two-hundred day moving average price of $9.86.

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Iris Energy (NASDAQ:IREN - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, topping 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, analysts expect that Iris Energy will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IREN. Charles Schwab Investment Management Inc. increased its stake in shares of Iris Energy by 8.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 362,026 shares of the company's stock worth $3,055,000 after purchasing an additional 29,311 shares during the period. State Street Corp raised its holdings in shares of Iris Energy by 62.2% during the 3rd quarter. State Street Corp now owns 79,759 shares of the company's stock worth $673,000 after buying an additional 30,576 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Iris Energy by 28.3% during the 3rd quarter. Wellington Management Group LLP now owns 36,651 shares of the company's stock worth $309,000 after buying an additional 8,092 shares during the last quarter. Kovitz Investment Group Partners LLC bought a new position in Iris Energy in the third quarter valued at about $927,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Iris Energy by 56.3% in the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company's stock worth $6,204,000 after acquiring an additional 264,883 shares during the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.