Canaccord Genuity Group Forecasts Strong Price Appreciation for Iris Energy (NASDAQ:IREN) Stock

Iris Energy (NASDAQ:IREN) had its price target lifted by Canaccord Genuity Group from $17.00 to $23.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 76.79% from the company’s previous close.

IREN has been the topic of a number of other reports. BTIG Research started coverage on Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 price target on the stock. Macquarie raised their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $15.00 price objective (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. B. Riley raised their price objective on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Cantor Fitzgerald raised their price objective on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.70.

Iris Energy Price Performance

Shares of NASDAQ:IREN opened at $13.01 on Thursday. The stock’s 50-day moving average price is $11.65 and its two-hundred day moving average price is $9.99. Iris Energy has a 12-month low of $4.15 and a 12-month high of $15.92.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. Analysts expect 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 hedge funds have recently bought and sold shares of the business. AQR Arbitrage LLC acquired a new stake in Iris Energy during the 4th quarter valued at approximately $987,000. Appian Way Asset Management LP acquired a new stake in Iris Energy during the 4th quarter valued at approximately $859,000. Regal Partners Ltd grew its stake in Iris Energy by 93.9% during the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock valued at $16,670,000 after purchasing an additional 822,251 shares in the last quarter. Soros Fund Management LLC acquired a new stake in Iris Energy during the 4th quarter valued at approximately $2,278,000. Finally, Paloma Partners Management Co grew its stake in Iris Energy by 67.5% during the 4th quarter. Paloma Partners Management Co now owns 543,440 shares of the company’s stock valued at $5,337,000 after purchasing an additional 218,940 shares in the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.