Iris Energy Limited (NASDAQ:IREN) Receives $20.40 Consensus Target Price from Analysts

Shares of Iris Energy Limited (NASDAQ:IREN) have been assigned a consensus recommendation of “Buy” from the twelve analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $20.40.

A number of equities analysts have weighed in on IREN shares. Macquarie upped their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group upped their price objective on shares of Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. BTIG Research initiated coverage on shares of Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company. B. Riley increased their target price on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, HC Wainwright upped their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, February 13th.

Iris Energy Stock Up 9.3 %

IREN stock opened at $7.20 on Monday. The firm’s fifty day simple moving average is $10.19 and its 200-day simple moving average is $10.10. Iris Energy has a 12 month low of $4.15 and a 12 month high of $15.92.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) 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%. On average, equities analysts anticipate that Iris Energy will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Stonebridge Financial Group LLC acquired a new stake in Iris Energy in the fourth quarter valued at approximately $29,000. HM Payson & Co. acquired a new stake in Iris Energy during the fourth quarter worth approximately $30,000. R Squared Ltd purchased a new position in shares of Iris Energy during the fourth quarter worth approximately $37,000. Main Management LLC purchased a new position in shares of Iris Energy during the fourth quarter worth approximately $49,000. Finally, Tower Research Capital LLC TRC grew its position in shares of Iris Energy by 1,059.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after acquiring an additional 7,646 shares during the last quarter. 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.