Iris Energy (NASDAQ:IREN) Now Covered by BTIG Research

Investment analysts at BTIG Research began coverage on shares of Iris Energy (NASDAQ:IREN) in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $33.00 price target on the stock. BTIG Research’s price objective would suggest a potential upside of 179.42% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Compass Point lowered their price target on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. Cantor Fitzgerald boosted their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Canaccord Genuity Group upped their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, Roth Capital raised Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. 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 company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Trading Up 3.5 %

IREN stock opened at $11.81 on Friday. Iris Energy has a 1 year low of $3.56 and a 1 year high of $15.92. The stock has a 50-day simple moving average of $11.17 and a 200-day simple moving average of $10.23.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently bought and sold shares of the company. AFG Fiduciary Services Limited Partnership acquired a new position in shares of Iris Energy in the 3rd quarter worth approximately $77,000. Covestor Ltd bought a new position in Iris Energy during the third quarter worth $87,000. Sippican Capital Advisors acquired a new position in Iris Energy in the third quarter worth $94,000. Bluefin Capital Management LLC bought a new stake in Iris Energy during the second quarter valued at $113,000. Finally, Seven Eight Capital LP acquired a new stake in shares of Iris Energy during the second quarter worth $146,000. Institutional investors and hedge funds 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.