Brokerages Set Iris Energy Limited (NASDAQ:IREN) Target Price at $20.70

Iris Energy Limited (NASDAQ:IREN - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twelve analysts that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $20.70.

IREN has been the subject of several recent analyst reports. BTIG Research initiated coverage on Iris Energy in a research note on Friday, December 20th. They issued a "buy" rating and a $33.00 price target for the company. Macquarie increased their price target on Iris Energy from $13.50 to $19.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Cantor Fitzgerald reissued an "overweight" rating and issued a $23.00 price target on shares of Iris Energy in a research note on Thursday, February 13th. Canaccord Genuity Group raised their target price on Iris Energy from $17.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th.

Iris Energy Price Performance

NASDAQ IREN traded down $1.48 during trading hours on Thursday, hitting $10.88. The company had a trading volume of 18,490,514 shares, compared to its average volume of 16,206,405. Iris Energy has a fifty-two week low of $4.15 and a fifty-two week high of $15.92. The business has a fifty day simple moving average of $11.53 and a 200-day simple moving average of $10.12.

Remove Ads

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

Institutional Investors Weigh In On Iris Energy

Hedge funds have recently modified their holdings of the stock. Baader Bank Aktiengesellschaft lifted its holdings in shares of Iris Energy by 66.7% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company's stock valued at $1,228,000 after purchasing an additional 50,000 shares during the last quarter. Main Management ETF Advisors LLC purchased a new stake in shares of Iris Energy during the third quarter valued at $760,000. Van ECK Associates Corp lifted its holdings in shares of Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company's stock valued at $13,938,000 after purchasing an additional 576,726 shares during the last quarter. Vontobel Holding Ltd. lifted its holdings in shares of Iris Energy by 123.1% during the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company's stock valued at $416,000 after purchasing an additional 27,212 shares during the last quarter. Finally, Creative Planning lifted its stake in Iris Energy by 71.2% in the 3rd quarter. Creative Planning now owns 457,625 shares of the company's stock worth $3,862,000 after acquiring an additional 190,300 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.