JPMorgan Chase & Co. Upgrades Iris Energy (NASDAQ:IREN) to "Overweight"

JPMorgan Chase & Co. upgraded shares of Iris Energy (NASDAQ:IREN - Free Report) from a neutral rating to an overweight rating in a research report sent to investors on Thursday morning, MarketBeat.com reports. They currently have $12.00 target price on the stock, down from their prior target price of $15.00.

A number of other equities research analysts have also weighed in on the stock. HC Wainwright boosted their target price on shares of Iris Energy from $16.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. BTIG Research began coverage on shares of Iris Energy in a research report on Friday, December 20th. They issued a "buy" rating and a $33.00 price target on the stock. Macquarie boosted their price target on shares of Iris Energy from $13.50 to $19.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Cantor Fitzgerald restated an "overweight" rating and issued a $23.00 price target on shares of Iris Energy in a research report on Thursday, February 13th. Finally, Needham & Company LLC restated a "hold" rating on shares of Iris Energy in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Iris Energy has a consensus rating of "Buy" and an average target price of $20.40.

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Iris Energy Trading Up 1.9 %

IREN traded up $0.14 during trading on Thursday, reaching $7.35. 9,774,155 shares of the company's stock were exchanged, compared to its average volume of 15,201,401. Iris Energy has a one year low of $4.15 and a one year high of $15.92. The firm has a fifty day moving average price of $10.44 and a two-hundred day moving average price of $10.14.

Iris Energy (NASDAQ:IREN - Get Free Report) last posted 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 net margin of 17.94% and a negative return on equity of 3.98%. As a group, research analysts predict that Iris Energy will post 0.43 earnings per share for the current year.

Institutional Trading of Iris Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Baader Bank Aktiengesellschaft increased its stake in Iris Energy by 66.7% during the 4th 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 in the last quarter. Vontobel Holding Ltd. increased its stake in Iris Energy by 13.4% during the 4th quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company's stock valued at $549,000 after purchasing an additional 6,601 shares in the last quarter. Main Management ETF Advisors LLC bought a new stake in Iris Energy during the 3rd quarter valued at $760,000. Private Advisor Group LLC bought a new stake in Iris Energy during the 4th quarter valued at $120,000. Finally, Geode Capital Management LLC grew its stake in shares of Iris Energy by 56.3% in the 3rd 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 in the last quarter. Institutional investors own 41.08% of the company's stock.

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.