Iris Energy (NASDAQ:IREN) Trading Up 7.4% - Should You Buy?

Shares of Iris Energy Limited (NASDAQ:IREN - Get Free Report) rose 7.4% during trading on Wednesday . The company traded as high as $7.01 and last traded at $7.08. Approximately 1,342,360 shares traded hands during trading, a decline of 91% from the average daily volume of 15,209,437 shares. The stock had previously closed at $6.59.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on IREN. B. Riley increased their price target on shares of Iris Energy from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Canaccord Genuity Group raised their target price 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. BTIG Research began coverage on shares of Iris Energy in a report on Friday, December 20th. They set a "buy" rating and a $33.00 target price for the company. Needham & Company LLC restated a "hold" rating on shares of Iris Energy in a research note on Thursday, February 13th. Finally, Macquarie raised their price objective on Iris Energy from $13.50 to $19.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $20.40.

Iris Energy Stock Down 0.8 %

The company has a 50 day moving average price of $10.05 and a two-hundred day moving average price of $10.12.

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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 analysts' consensus estimates 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, research analysts expect that Iris Energy Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its position in Iris Energy by 1,307.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company's stock valued at $55,825,000 after acquiring an additional 5,280,999 shares during the last quarter. Vident Advisory LLC increased its position in Iris Energy by 26.1% in the fourth quarter. Vident Advisory LLC now owns 2,937,918 shares of the company's stock worth $28,850,000 after buying an additional 608,736 shares in the last quarter. Invesco Ltd. raised its stake in shares of Iris Energy by 22.5% in the fourth quarter. Invesco Ltd. now owns 2,311,583 shares of the company's stock worth $22,700,000 after buying an additional 424,403 shares during the period. Regal Partners Ltd raised its stake in Iris Energy by 93.9% during the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company's stock worth $16,670,000 after acquiring an additional 822,251 shares during the period. Finally, Two Sigma Investments LP lifted its stake in shares of Iris Energy by 193.2% during the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock valued at $15,738,000 after buying an additional 1,056,005 shares in 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.