Analysts Set Iris Energy Limited (NASDAQ:IREN) PT at $20.40

Iris Energy Limited (NASDAQ:IREN) has been assigned an average recommendation of “Buy” from the twelve research firms that are covering the stock, Marketbeat reports. 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 on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $20.40.

IREN has been the topic of a number of recent research reports. HC Wainwright upped their target price on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $15.00 to $12.00 in a report on Thursday, March 13th. Finally, Canaccord Genuity Group lifted their price target on shares of Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, February 13th.

Iris Energy Stock Up 2.6 %

NASDAQ:IREN opened at $5.63 on Friday. Iris Energy has a 52-week low of $4.15 and a 52-week high of $15.92. The stock has a fifty day simple moving average of $8.38 and a 200-day simple moving average of $9.92.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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, research analysts predict that Iris Energy will post 0.43 EPS for the current year.

Hedge Funds Weigh In On Iris Energy

A number of large investors have recently bought and sold shares of IREN. Stonebridge Financial Group LLC purchased a new stake in shares of Iris Energy during the 4th quarter valued at $29,000. HM Payson & Co. acquired a new position in Iris Energy in the fourth quarter valued at $30,000. R Squared Ltd purchased a new stake in Iris Energy during the fourth quarter valued at about $37,000. Main Management LLC acquired a new stake in Iris Energy during the fourth quarter worth about $49,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Iris Energy by 1,059.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after purchasing an additional 7,646 shares during the period. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.