Iris Energy Limited (NASDAQ:IREN) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Iris Energy Limited (NASDAQ:IREN) have been given an average recommendation of “Moderate Buy” by the twelve brokerages that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $19.50.

IREN has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. B. Riley lifted their price objective on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Roth Mkm initiated coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. HC Wainwright boosted their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, Canaccord Genuity Group increased their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Main Management ETF Advisors LLC acquired a new stake in Iris Energy in the third quarter worth about $760,000. Van ECK Associates Corp raised its position in shares of Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after purchasing an additional 576,726 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in Iris Energy by 123.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after purchasing an additional 27,212 shares in the last quarter. Creative Planning increased its stake in Iris Energy by 71.2% during the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after purchasing an additional 190,300 shares in the last quarter. Finally, Campbell Capital Management Inc. purchased a new position in shares of Iris Energy in the third quarter worth $608,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Iris Energy Trading Up 8.5 %

Shares of IREN opened at $13.32 on Friday. Iris Energy has a 1-year low of $3.56 and a 1-year high of $15.92. The company has a 50-day moving average of $11.80 and a 200 day moving average of $9.94.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share 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 research analysts predict that Iris Energy will post 0.12 EPS for the current year.

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.