Iris Energy (NASDAQ:IREN) Trading 7.7% Higher

Iris Energy Limited (NASDAQ:IREN) shares were up 7.7% during mid-day trading on Friday . The company traded as high as $12.08 and last traded at $12.06. Approximately 8,944,362 shares traded hands during trading, a decline of 23% from the average daily volume of 11,641,909 shares. The stock had previously closed at $11.20.

Wall Street Analyst Weigh In

IREN has been the subject of a number of recent research reports. JPMorgan Chase & Co. upped their target price on Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Cantor Fitzgerald upgraded shares of Iris Energy to a “strong-buy” rating in a research report on Wednesday, June 12th. Sanford C. Bernstein assumed coverage on shares of Iris Energy in a research report on Wednesday. They issued an “outperform” rating and a $26.00 price target for the company. B. Riley decreased their price objective on Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Friday. Finally, HC Wainwright reissued a “buy” rating and issued a $10.00 target price on shares of Iris Energy in a report on Thursday, May 16th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Iris Energy currently has a consensus rating of “Buy” and a consensus target price of $17.57.

Iris Energy Trading Up 9.8 %

The business’s fifty day simple moving average is $9.89 and its 200 day simple moving average is $7.05.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The firm had revenue of $54.35 million during the quarter, compared to the consensus estimate of $58.41 million. On average, equities analysts forecast that Iris Energy Limited will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Iris Energy

Several large investors have recently bought and sold shares of the business. VitalStone Financial LLC grew its holdings 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 during the period. CCG Wealth Management LLC bought a new position in shares of Iris Energy in the 1st quarter worth $72,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of Iris Energy during the fourth quarter worth $84,000. PEAK6 Investments LLC acquired a new stake in shares of Iris Energy during the first quarter worth $133,000. Finally, Olympiad Research LP bought a new stake in Iris Energy in the fourth quarter valued at about $173,000. 41.08% of the stock is currently 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.