Iris Energy (NASDAQ:IREN) Given New $23.00 Price Target at Canaccord Genuity Group

Iris Energy (NASDAQ:IREN) had its price objective upped by analysts at Canaccord Genuity Group from $17.00 to $23.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 76.79% from the stock’s current price.

IREN has been the subject of a number of other research reports. B. Riley boosted their price objective on 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 assumed coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective for the company. Macquarie boosted their price objective on 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 boosted their price objective on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.70.

Iris Energy Trading Down 0.5 %

Shares of IREN opened at $13.01 on Thursday. The stock has a 50 day moving average of $11.65 and a 200-day moving average of $9.99. Iris Energy has a 52 week low of $4.15 and a 52 week high of $15.92.

Iris Energy (NASDAQ:IREN) last issued its earnings results on Wednesday, February 12th. The company reported $0.09 EPS 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%. Analysts expect that Iris Energy will post 0.11 earnings per share for the current fiscal year.

Institutional Trading of Iris Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Baader Bank Aktiengesellschaft raised its stake in shares of Iris Energy by 66.7% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company’s stock worth $1,228,000 after buying an additional 50,000 shares in the last quarter. Main Management ETF Advisors LLC bought a new stake in shares of Iris Energy in the 3rd quarter worth $760,000. Van ECK Associates Corp raised its stake in shares of Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after buying an additional 576,726 shares in the last quarter. Vontobel Holding Ltd. raised its stake in shares of Iris Energy by 123.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after buying an additional 27,212 shares in the last quarter. Finally, Creative Planning raised its stake in shares of Iris Energy by 71.2% in the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after buying an additional 190,300 shares in the last quarter. 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.