Research Analysts Offer Predictions for Iris Energy Limited’s FY2024 Earnings (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) – Analysts at HC Wainwright decreased their FY2024 earnings per share estimates for Iris Energy in a research report issued on Wednesday, July 24th. HC Wainwright analyst M. Colonnese now expects that the company will earn ($0.02) per share for the year, down from their prior forecast of ($0.01). HC Wainwright has a “Buy” rating and a $15.00 price objective on the stock.

Iris Energy (NASDAQ:IREN) last released its quarterly 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 business had revenue of $54.35 million during the quarter, compared to the consensus estimate of $58.41 million.

IREN has been the topic of several other reports. Canaccord Genuity Group increased their price objective on Iris Energy from $12.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price target on Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price target on shares of Iris Energy in a research note on Wednesday. B. Riley cut their price target on Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, July 12th. Finally, Sanford C. Bernstein initiated coverage on Iris Energy in a research note on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $17.83.

Iris Energy Trading Down 7.6 %

Shares of NASDAQ IREN opened at $9.43 on Friday. Iris Energy has a 12-month low of $2.79 and a 12-month high of $15.75. The business’s fifty day simple moving average is $11.03 and its 200-day simple moving average is $7.28.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. Quadrature Capital Ltd purchased a new stake in shares of Iris Energy in the 4th quarter valued at about $1,655,000. Commerce Bank purchased a new stake in shares of Iris Energy in the 4th quarter valued at about $256,000. Daiwa Securities Group Inc. purchased a new stake in shares of Iris Energy in the 1st quarter valued at about $446,000. Van ECK Associates Corp lifted its holdings in shares of Iris Energy by 23.7% in the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after purchasing an additional 351,774 shares during the last quarter. Finally, Jump Financial LLC lifted its holdings in shares of Iris Energy by 33.1% in the 4th quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock valued at $353,000 after purchasing an additional 12,290 shares during the last quarter. 41.08% of the stock is owned by hedge funds and other 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.