Iris Energy (NASDAQ:IREN) Earns Outperform Rating from Analysts at Sanford C. Bernstein

Equities research analysts at Sanford C. Bernstein started coverage on shares of Iris Energy (NASDAQ:IREN) in a research note issued on Wednesday, MarketBeat reports. The firm set an “outperform” rating and a $26.00 price target on the stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 132.14% from the company’s current price.

Several other analysts have also recently commented on IREN. B. Riley lifted their price target on Iris Energy from $9.50 to $18.00 and gave the company a “buy” rating in a report on Monday, June 24th. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Iris Energy in a report on Thursday, May 16th. JPMorgan Chase & Co. lifted their price target on Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Canaccord Genuity Group lifted their price target on Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Finally, Cantor Fitzgerald upgraded Iris Energy to a “strong-buy” rating in a report on Wednesday, June 12th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Iris Energy has an average rating of “Buy” and a consensus target price of $17.71.

Iris Energy Trading Down 13.2 %

Iris Energy stock opened at $11.20 on Wednesday. The stock has a 50-day moving average price of $9.89 and a 200 day moving average price of $7.05. Iris Energy has a 52 week low of $2.79 and a 52 week high of $15.75.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings data on Wednesday, May 15th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The company had revenue of $54.35 million during the quarter, compared to analysts’ expectations of $58.41 million. As a group, equities research analysts expect that Iris Energy will post 0.01 earnings per share for the current year.

Institutional Trading of Iris Energy

A number of institutional investors have recently modified their holdings of the company. VitalStone Financial LLC lifted its position in Iris Energy by 373.9% during the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new position in Iris Energy during the 4th quarter worth approximately $84,000. Jump Financial LLC lifted its position in Iris Energy by 33.1% during the 4th quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock worth $353,000 after acquiring an additional 12,290 shares in the last quarter. Tucker Asset Management LLC acquired a new position in Iris Energy during the 3rd quarter worth approximately $47,000. Finally, CCG Wealth Management LLC acquired a new position in Iris Energy during the 1st quarter worth approximately $72,000. Hedge funds and other 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.