Iris Energy Limited (NASDAQ:IREN) Receives Average Recommendation of “Buy” from Brokerages

Iris Energy Limited (NASDAQ:IREN) has been given an average recommendation of “Buy” by the twelve ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $20.40.

IREN has been the subject of a number of recent analyst reports. Canaccord Genuity Group upped their price target on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised Iris Energy from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $15.00 to $12.00 in a research report on Thursday. HC Wainwright increased their target price on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. Finally, BTIG Research initiated coverage on Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company.

Institutional Trading of Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. 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 last quarter. Vident Advisory LLC boosted its stake in Iris Energy by 26.1% during the 4th quarter. Vident Advisory LLC now owns 2,937,918 shares of the company’s stock valued at $28,850,000 after purchasing an additional 608,736 shares during the last quarter. Invesco Ltd. boosted its stake in Iris Energy by 22.5% during the 4th quarter. Invesco Ltd. now owns 2,311,583 shares of the company’s stock valued at $22,700,000 after purchasing an additional 424,403 shares during the last quarter. Regal Partners Ltd boosted its stake in Iris Energy by 93.9% during the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock valued at $16,670,000 after purchasing an additional 822,251 shares during the last quarter. Finally, Two Sigma Investments LP boosted its stake in Iris Energy by 193.2% during the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock valued at $15,738,000 after purchasing an additional 1,056,005 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Iris Energy Stock Up 6.8 %

IREN opened at $7.21 on Monday. The business has a 50 day simple moving average of $10.44 and a two-hundred day simple moving average of $10.14. Iris Energy has a one year low of $4.15 and a one year high of $15.92.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. Research analysts anticipate that Iris Energy will post 0.43 EPS for the current year.

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.