Iris Energy (NASDAQ:IREN) Stock Price Up 6.6% – What’s Next?

Shares of Iris Energy Limited (NASDAQ:IREN) traded up 6.6% during trading on Thursday . The stock traded as high as $12.32 and last traded at $12.43. 8,805,384 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 14,177,004 shares. The stock had previously closed at $11.66.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IREN. HC Wainwright raised their price target on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Roth Mkm assumed coverage on Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target on the stock. Cantor Fitzgerald increased their price target on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. BTIG Research initiated coverage on shares of Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 target price for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Stock Performance

The stock has a 50-day simple moving average of $11.80 and a 200 day simple moving average of $9.96.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. Equities analysts predict that Iris Energy Limited will post 0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. R Squared Ltd acquired a new stake in shares of Iris Energy in the fourth quarter valued at about $37,000. AFG Fiduciary Services Limited Partnership bought a new position in shares of Iris Energy during the third quarter valued at $77,000. Covestor Ltd bought a new stake in Iris Energy during the third quarter worth about $87,000. Sippican Capital Advisors acquired a new stake in Iris Energy during the 3rd quarter valued at $94,000. Finally, Bluefin Capital Management LLC bought a new stake in Iris Energy during the 2nd quarter worth about $113,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.