Iris Energy (NASDAQ:IREN) Rating Reiterated by Canaccord Genuity Group

Iris Energy (NASDAQ:IREN)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity Group in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $9.00 price target on the stock. Canaccord Genuity Group’s target price points to a potential upside of 77.51% from the stock’s previous close.

Other analysts also recently issued reports about the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Iris Energy in a report on Thursday, March 28th. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 target price on shares of Iris Energy in a research report on Tuesday, April 2nd. Finally, B. Riley decreased their target price on Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a research report on Friday, March 15th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $12.00.

Iris Energy Stock Down 4.3 %

NASDAQ IREN opened at $5.07 on Monday. The business’s 50-day simple moving average is $5.17 and its 200-day simple moving average is $5.11. Iris Energy has a 1-year low of $2.79 and a 1-year high of $9.69.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Thursday, February 15th. The company reported ($0.07) earnings per share for the quarter. The business had revenue of $42.57 million for the quarter, compared to analysts’ expectations of $37.58 million. On average, equities research analysts predict that Iris Energy will post 0.08 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IREN. VitalStone Financial LLC boosted its stake in shares of Iris Energy by 373.9% during the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after buying an additional 11,030 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in Iris Energy in the first quarter valued at $446,000. Van ECK Associates Corp boosted its stake in Iris Energy by 23.7% during the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after acquiring an additional 351,774 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Iris Energy during the 1st quarter worth $502,000. Finally, CCG Wealth Management LLC bought a new stake in shares of Iris Energy in the 1st quarter worth about $72,000. Hedge funds and other 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.