Iris Energy’s (IREN) Overweight Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Iris Energy (NASDAQ:IREN) in a research report sent to investors on Thursday morning,Benzinga reports. Cantor Fitzgerald currently has a $23.00 price target on the stock.

Several other brokerages have also weighed in on IREN. B. Riley raised their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. BTIG Research initiated coverage on shares of Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. Macquarie upped their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Canaccord Genuity Group increased their target price on shares of Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Thursday. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.70.

Iris Energy Stock Up 0.5 %

NASDAQ IREN opened at $13.08 on Thursday. Iris Energy has a 1-year low of $4.15 and a 1-year high of $15.92. The firm’s fifty day simple moving average is $11.70 and its 200-day simple moving average is $9.97.

Iris Energy (NASDAQ:IREN) last issued its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. As a group, equities analysts anticipate that Iris Energy will post 0.11 earnings per share for the current year.

Hedge Funds Weigh In On Iris Energy

Institutional investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership boosted its stake in Iris Energy by 1,307.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock valued at $55,825,000 after purchasing an additional 5,280,999 shares during the period. Invesco Ltd. boosted its position in shares of Iris Energy by 22.5% in the fourth quarter. Invesco Ltd. now owns 2,311,583 shares of the company’s stock valued at $22,700,000 after acquiring an additional 424,403 shares during the period. Van ECK Associates Corp grew its stake in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after acquiring an additional 576,726 shares during the last quarter. Discovery Capital Management LLC CT bought a new position in Iris Energy during the fourth quarter worth $11,544,000. Finally, Regal Partners Ltd raised its stake in Iris Energy by 2.7% during the 3rd quarter. Regal Partners Ltd now owns 875,303 shares of the company’s stock valued at $7,388,000 after purchasing an additional 23,132 shares during the last quarter. 41.08% of the stock is currently owned by 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.