Iris Energy (NASDAQ:IREN) Stock Price Up 6.6% – What’s Next?

Iris Energy Limited (NASDAQ:IREN) rose 6.6% during trading on Thursday . The company traded as high as $12.32 and last traded at $12.43. Approximately 8,805,384 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 14,177,004 shares. The stock had previously closed at $11.66.

Analyst Ratings Changes

IREN has been the topic of a number of analyst reports. HC Wainwright increased their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Canaccord Genuity Group boosted their price target on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Macquarie raised their target price on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, B. Riley upped their price objective on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two research 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Trading Up 8.5 %

The firm has a 50-day moving average of $11.80 and a two-hundred day moving average of $9.96.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. On average, analysts predict that Iris Energy Limited will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can acquired a new position in Iris Energy in the second quarter valued at $9,969,000. Scientech Research LLC raised its position in Iris Energy by 174.2% in the 2nd quarter. Scientech Research LLC now owns 48,541 shares of the company’s stock valued at $548,000 after buying an additional 30,835 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Iris Energy during the second quarter valued at about $1,401,000. Point72 Asset Management L.P. boosted its stake in shares of Iris Energy by 478.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 164,800 shares of the company’s stock worth $1,861,000 after buying an additional 136,300 shares during the last quarter. Finally, Truist Financial Corp grew its stake in Iris Energy by 3.2% in the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after purchasing an additional 1,575 shares during the period. Institutional investors 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.