Iris Energy (NASDAQ:IREN) Price Target Raised to $17.00 at Canaccord Genuity Group

Iris Energy (NASDAQ:IREN) had its price target increased by Canaccord Genuity Group from $15.00 to $17.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts also recently commented on IREN. Compass Point cut their target price on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. JPMorgan Chase & Co. reduced their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Iris Energy in a research report on Wednesday, October 30th. Macquarie raised their target price on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. Finally, B. Riley decreased their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, September 13th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $16.33.

Iris Energy Price Performance

IREN opened at $12.40 on Wednesday. Iris Energy has a 1 year low of $3.56 and a 1 year high of $15.75. The firm has a 50 day moving average price of $9.32 and a 200 day moving average price of $9.46.

Institutional Trading of Iris Energy

A number of hedge funds have recently made changes to their positions in the stock. PEAK6 Investments LLC bought a new position in Iris Energy during the 1st quarter valued at $133,000. Goldentree Asset Management LP bought a new position in shares of Iris Energy during the first quarter worth about $626,000. Cambridge Investment Research Advisors Inc. grew its stake in Iris Energy by 1,521.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock worth $2,123,000 after purchasing an additional 176,451 shares in the last quarter. MKP Capital Management L.L.C. bought a new stake in Iris Energy in the second quarter valued at about $3,139,000. Finally, X Square Capital LLC bought a new stake in Iris Energy in the second quarter valued at about $508,000. Institutional investors and hedge funds 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.