Iris Energy (NASDAQ:IREN) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Iris Energy (NASDAQ:IREN) in a report issued on Thursday,Benzinga reports. They currently have a $23.00 price target on the stock.

Other equities research analysts also recently issued reports about the company. Canaccord Genuity Group upped their target price on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday. BTIG Research assumed coverage on Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective for the company. Macquarie raised their target price on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. HC Wainwright boosted their price target on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Price Performance

Shares of IREN opened at $13.08 on Thursday. The stock’s fifty day moving average is $11.70 and its 200-day moving average is $9.97. Iris Energy has a one year low of $4.15 and a one year high of $15.92.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. Research analysts anticipate that Iris Energy will post 0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

A number of large investors have recently made changes to their positions in IREN. NewEdge Advisors LLC boosted its stake in Iris Energy by 90.8% in the 4th quarter. NewEdge Advisors LLC now owns 105,272 shares of the company’s stock worth $1,034,000 after purchasing an additional 50,090 shares during the period. Chiron Investment Management LLC acquired a new stake in shares of Iris Energy in the fourth quarter worth $955,000. Phoenix Financial Ltd. boosted its position in shares of Iris Energy by 40.6% in the fourth quarter. Phoenix Financial Ltd. now owns 48,559 shares of the company’s stock worth $477,000 after buying an additional 14,021 shares during the period. CenterBook Partners LP purchased a new position in shares of Iris Energy during the fourth quarter valued at $1,302,000. Finally, Advisory Services Network LLC raised its position in Iris Energy by 194.1% during the fourth quarter. Advisory Services Network LLC now owns 55,736 shares of the company’s stock valued at $547,000 after buying an additional 36,786 shares during the period. 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.