B. Riley Boosts Iris Energy (NASDAQ:IREN) Price Target to $16.00

Iris Energy (NASDAQ:IREN) had its target price hoisted by equities researchers at B. Riley from $15.00 to $16.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price objective would indicate a potential upside of 34.45% from the stock’s previous close.

Several other analysts have also issued reports on IREN. Canaccord Genuity Group boosted their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Macquarie boosted their price target on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Roth Mkm started coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price for the company. Finally, Cantor Fitzgerald upped their price target on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Iris Energy presently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Iris Energy Price Performance

Iris Energy stock traded down $0.23 during midday trading on Thursday, hitting $11.90. 7,593,065 shares of the stock were exchanged, compared to its average volume of 13,792,143. Iris Energy has a fifty-two week low of $3.56 and a fifty-two week high of $15.92. The stock’s 50-day simple moving average is $10.92 and its 200 day simple moving average is $10.18.

Institutional Investors Weigh In On Iris Energy

A number of large investors have recently modified their holdings of IREN. Geode Capital Management LLC raised its stake in Iris Energy by 56.3% in the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after buying an additional 264,883 shares in the last quarter. Sender Co & Partners Inc. acquired a new stake in shares of Iris Energy during the 3rd quarter worth about $561,000. Continuum Advisory LLC purchased a new stake in Iris Energy during the third quarter worth approximately $430,000. Y Intercept Hong Kong Ltd boosted its holdings in Iris Energy by 592.2% in the third quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock valued at $1,745,000 after purchasing an additional 176,843 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in Iris Energy in the third quarter valued at approximately $760,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.