Iris Energy (NASDAQ:IREN) Given New $16.00 Price Target at B. Riley

Iris Energy (NASDAQ:IREN) had its target price lifted by equities researchers at B. Riley from $15.00 to $16.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s price target indicates a potential upside of 34.45% from the company’s current price.

A number of other equities analysts have also recently commented on IREN. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $15.00 target price (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Compass Point lowered their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Macquarie upped their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Finally, Canaccord Genuity Group upped their price target on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Iris Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Iris Energy Stock Down 1.9 %

Shares of NASDAQ IREN traded down $0.23 during trading hours on Thursday, reaching $11.90. The stock had a trading volume of 7,593,065 shares, compared to its average volume of 13,792,143. Iris Energy has a fifty-two week low of $3.56 and a fifty-two week high of $15.92. The firm has a 50-day moving average of $10.92 and a 200-day moving average of $10.18.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in shares of Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after purchasing an additional 264,883 shares during the period. Sender Co & Partners Inc. purchased a new position in Iris Energy in the third quarter valued at about $561,000. Continuum Advisory LLC acquired a new stake in shares of Iris Energy during the 3rd quarter valued at approximately $430,000. Y Intercept Hong Kong Ltd grew its holdings in shares of Iris Energy by 592.2% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock worth $1,745,000 after acquiring an additional 176,843 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new position in Iris Energy in the 3rd quarter valued at approximately $760,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.