Iris Energy (NASDAQ:IREN) Now Covered by HC Wainwright

Equities researchers at HC Wainwright started coverage on shares of Iris Energy (NASDAQ:IRENGet Rating) in a research note issued on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $7.00 price target on the stock. HC Wainwright’s target price would suggest a potential upside of 72.41% from the company’s previous close.

Other analysts also recently issued reports about the company. Canaccord Genuity Group dropped their price objective on Iris Energy from $25.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, May 12th. Compass Point lowered their price objective on Iris Energy from $20.00 to $5.00 in a research report on Tuesday, June 28th. Citigroup lowered their target price on Iris Energy from $18.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, August 23rd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $22.00 target price on shares of Iris Energy in a report on Tuesday, June 28th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Iris Energy Trading Down 14.2 %

NASDAQ IREN opened at $4.06 on Tuesday. Iris Energy has a 52 week low of $2.89 and a 52 week high of $28.25. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.74 and a current ratio of 3.74. The stock’s 50 day moving average price is $4.23 and its two-hundred day moving average price is $8.38.

Hedge Funds Weigh In On Iris Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. UBS Group AG grew its position in shares of Iris Energy by 62,871.4% in the first quarter. UBS Group AG now owns 4,408 shares of the company’s stock valued at $69,000 after purchasing an additional 4,401 shares during the last quarter. Invesco Ltd. acquired a new stake in shares of Iris Energy during the first quarter worth $214,000. Empowered Funds LLC increased its position in Iris Energy by 60.3% during the 2nd quarter. Empowered Funds LLC now owns 77,223 shares of the company’s stock worth $259,000 after purchasing an additional 29,046 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Iris Energy in the first quarter worth about $344,000. Finally, JPMorgan Chase & Co. purchased a new stake in Iris Energy during the 2nd quarter worth $392,000. 9.71% of the stock is owned by institutional investors and hedge funds.

Iris Energy Company Profile

(Get Rating)

Iris Energy Limited operates as a bitcoin mining company. The company was incorporated in 2018 and is based in Sydney, Australia.

Further Reading

Analyst Recommendations for Iris Energy (NASDAQ:IREN)

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