BTIG Research Initiates Coverage on Iris Energy (NASDAQ:IREN)

Analysts at BTIG Research began coverage on shares of Iris Energy (NASDAQ:IREN) in a note issued to investors on Friday, Marketbeat Ratings reports. The firm set a “buy” rating and a $33.00 price target on the stock. BTIG Research’s price objective points to a potential upside of 179.42% from the stock’s current price.

IREN has been the subject of a number of other research reports. Cantor Fitzgerald lifted their price objective on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Roth Mkm started coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target on the stock. Macquarie boosted their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright lifted their target price on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Roth Capital raised Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Iris Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Trading Up 3.5 %

Shares of NASDAQ:IREN opened at $11.81 on Friday. The business’s fifty day moving average price is $11.17 and its two-hundred day moving average price is $10.23. Iris Energy has a one year low of $3.56 and a one year high of $15.92.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AFG Fiduciary Services Limited Partnership acquired a new stake in Iris Energy during the third quarter worth about $77,000. Covestor Ltd purchased a new stake in shares of Iris Energy during the 3rd quarter worth about $87,000. Sippican Capital Advisors purchased a new stake in shares of Iris Energy during the 3rd quarter worth about $94,000. Bluefin Capital Management LLC acquired a new stake in Iris Energy during the 2nd quarter worth approximately $113,000. Finally, Seven Eight Capital LP purchased a new position in Iris Energy in the second quarter valued at approximately $146,000. 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.