Iris Energy (NASDAQ:IREN) Stock Price Up 5.3% – What’s Next?

Shares of Iris Energy Limited (NASDAQ:IREN) traded up 5.3% during mid-day trading on Tuesday . The company traded as high as $6.32 and last traded at $6.41. 3,269,527 shares were traded during trading, a decline of 79% from the average session volume of 15,249,493 shares. The stock had previously closed at $6.09.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on IREN shares. HC Wainwright upped their price objective on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Canaccord Genuity Group upped their price target on Iris Energy from $17.00 to $23.00 and gave the stock 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 lowered their price objective for the company from $15.00 to $12.00 in a research report on Thursday, March 13th. B. Riley increased their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $20.40.

Iris Energy Trading Up 1.8 %

The business’s fifty day simple moving average is $9.31 and its 200-day simple moving average is $10.07.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. As a group, equities research analysts anticipate that Iris Energy Limited will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

Large investors have recently made changes to their positions in the company. Baader Bank Aktiengesellschaft grew its holdings in Iris Energy by 66.7% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company’s stock valued at $1,228,000 after buying an additional 50,000 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in shares of Iris Energy by 13.4% in the fourth quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company’s stock valued at $549,000 after purchasing an additional 6,601 shares in the last quarter. Main Management ETF Advisors LLC purchased a new position in shares of Iris Energy in the third quarter valued at $760,000. Private Advisor Group LLC bought a new stake in Iris Energy in the fourth quarter worth $120,000. Finally, Geode Capital Management LLC raised its stake in Iris Energy by 56.3% during the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after purchasing an additional 264,883 shares in the last quarter. 41.08% of the stock is owned by institutional investors.

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.