Iris Energy (NASDAQ:IREN) Shares Up 5.3% – What’s Next?

Shares of Iris Energy Limited (NASDAQ:IREN) were up 5.3% on Tuesday . The company traded as high as $6.32 and last traded at $6.41. Approximately 3,269,527 shares changed hands during trading, a decline of 79% from the average daily volume of 15,249,493 shares. The stock had previously closed at $6.09.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on IREN shares. JPMorgan Chase & Co. upgraded Iris Energy from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. HC Wainwright raised their price objective on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. B. Riley upped their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. Finally, BTIG Research initiated coverage on shares of Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $20.40.

Iris Energy Stock Up 1.8 %

The firm’s fifty day simple moving average is $9.31 and its 200-day simple moving average is $10.07.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. As a group, sell-side analysts predict that Iris Energy Limited will post 0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Several large investors have recently bought and sold shares of IREN. Stonebridge Financial Group LLC purchased a new position in shares of Iris Energy during the fourth quarter valued at approximately $29,000. HM Payson & Co. bought a new stake in Iris Energy in the 4th quarter worth approximately $30,000. R Squared Ltd purchased a new stake in Iris Energy during the 4th quarter valued at $37,000. Main Management LLC bought a new position in shares of Iris Energy during the 4th quarter valued at $49,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Iris Energy by 1,059.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after buying an additional 7,646 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors.

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.