Iris Energy Limited (NASDAQ:IREN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Iris Energy Limited (NASDAQ:IREN) have earned an average recommendation of “Moderate Buy” from the nine brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $15.63.

A number of brokerages have recently weighed in on IREN. JPMorgan Chase & Co. dropped their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. Needham & Company LLC began coverage on shares of Iris Energy in a research note on Wednesday, September 4th. They set a “hold” rating for the company. Sanford C. Bernstein assumed coverage on shares of Iris Energy in a research note on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price objective for the company. Cantor Fitzgerald decreased their target price on shares of Iris Energy from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, August 29th. Finally, HC Wainwright decreased their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th.

Hedge Funds Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. purchased a new stake in Iris Energy during the 1st quarter worth $893,000. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in Iris Energy during the 2nd quarter worth $779,000. Quadrature Capital Ltd purchased a new stake in Iris Energy during the 4th quarter worth $1,655,000. Commerce Bank purchased a new stake in Iris Energy during the 4th quarter worth $256,000. Finally, Daiwa Securities Group Inc. purchased a new stake in Iris Energy during the 1st quarter worth $446,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Stock Down 3.1 %

Shares of Iris Energy stock opened at $8.85 on Monday. Iris Energy has a 12-month low of $2.79 and a 12-month high of $15.75. The company has a 50-day moving average of $8.21 and a two-hundred day moving average of $8.11.

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.