Brokerages Set Iris Energy Limited (NASDAQ:IREN) Price Target at $20.70

Shares of Iris Energy Limited (NASDAQ:IREN) have earned a consensus rating of “Moderate Buy” from the twelve research firms that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $20.70.

IREN has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. HC Wainwright increased their price objective on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Canaccord Genuity Group increased their price objective on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Macquarie increased their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th.

Institutional Trading of Iris Energy

A number of hedge funds have recently added to or reduced their stakes in IREN. Stonebridge Financial Group LLC acquired a new stake in Iris Energy during the 4th quarter worth approximately $29,000. HM Payson & Co. acquired a new stake in Iris Energy during the 4th quarter worth approximately $30,000. R Squared Ltd acquired a new stake in Iris Energy during the 4th quarter worth approximately $37,000. Main Management LLC acquired a new stake in Iris Energy during the 4th quarter worth approximately $49,000. Finally, Tower Research Capital LLC TRC lifted its position in Iris Energy by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after acquiring an additional 7,646 shares during the period. 41.08% of the stock is owned by institutional investors and hedge funds.

Iris Energy Stock Performance

Shares of NASDAQ IREN opened at $8.49 on Thursday. The stock’s 50-day moving average is $11.29 and its two-hundred day moving average is $10.16. Iris Energy has a 1-year low of $4.15 and a 1-year high of $15.92.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. Sell-side analysts expect that Iris Energy will post 0.43 EPS for the current fiscal 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.