Iris Energy (NASDAQ:IREN) Shares Gap Up on Analyst Upgrade

Iris Energy Limited (NASDAQ:IREN) shares gapped up before the market opened on Wednesday after Canaccord Genuity Group raised their price target on the stock from $12.00 to $15.00. The stock had previously closed at $10.89, but opened at $11.24. Canaccord Genuity Group currently has a buy rating on the stock. Iris Energy shares last traded at $11.12, with a volume of 2,175,167 shares changing hands.

Several other research analysts have also commented on IREN. Cantor Fitzgerald raised Iris Energy to a “strong-buy” rating in a report on Wednesday, June 12th. HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of Iris Energy in a report on Thursday, May 16th. Sanford C. Bernstein initiated coverage on Iris Energy in a report on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price objective for the company. JPMorgan Chase & Co. upped their target price on Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. Finally, B. Riley cut their target price on Iris Energy from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, July 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Iris Energy has a consensus rating of “Buy” and an average price target of $17.83.

Institutional Trading of Iris Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Mirae Asset Global Investments Co. Ltd. increased its stake in Iris Energy by 52.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after acquiring an additional 356,752 shares during the last quarter. Vontobel Holding Ltd. increased its stake in Iris Energy by 123.2% in the 4th quarter. Vontobel Holding Ltd. now owns 62,791 shares of the company’s stock worth $449,000 after acquiring an additional 34,662 shares during the last quarter. Van ECK Associates Corp increased its stake in Iris Energy by 32.9% in the 4th quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock worth $10,624,000 after acquiring an additional 368,140 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in Iris Energy in the 4th quarter worth approximately $84,000. Finally, Jump Financial LLC increased its stake in Iris Energy by 33.1% in the 4th quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock worth $353,000 after acquiring an additional 12,290 shares during the last quarter. Institutional investors own 41.08% of the company’s stock.

Iris Energy Stock Down 7.6 %

The stock has a 50 day simple moving average of $11.03 and a 200-day simple moving average of $7.28.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, May 15th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The firm had revenue of $54.35 million during the quarter, compared to analysts’ expectations of $58.41 million.

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.