Iris Energy (NASDAQ:IREN) Stock Rating Reaffirmed by Cantor Fitzgerald

Iris Energy (NASDAQ:IREN)‘s stock had its “overweight” rating reissued by research analysts at Cantor Fitzgerald in a research report issued on Thursday, Benzinga reports. They presently have a $20.00 price target on the stock. Cantor Fitzgerald’s price target points to a potential upside of 130.41% from the stock’s current price.

Several other analysts also recently weighed in on the company. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday. B. Riley reduced their target price on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, September 13th. Roth Mkm assumed coverage on shares of Iris Energy in a report on Wednesday. They issued a “buy” rating and a $14.00 target price for the company. Macquarie boosted their target price on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, Sanford C. Bernstein assumed coverage on shares of Iris Energy in a report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 target price for the company. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $15.44.

Iris Energy Stock Performance

IREN stock opened at $8.68 on Thursday. The business has a 50-day moving average price of $8.00 and a 200 day moving average price of $8.20. Iris Energy has a 1-year low of $2.79 and a 1-year high of $15.75.

Institutional Investors Weigh In On Iris Energy

Large investors have recently modified their holdings of the business. VitalStone Financial LLC grew its stake in shares of Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares during the last quarter. CCG Wealth Management LLC purchased a new stake in Iris Energy in the first quarter valued at approximately $72,000. Bluefin Capital Management LLC purchased a new stake in Iris Energy in the second quarter valued at approximately $113,000. PEAK6 Investments LLC purchased a new stake in Iris Energy in the first quarter valued at approximately $133,000. Finally, Seven Eight Capital LP purchased a new stake in Iris Energy in the second quarter valued at approximately $146,000. 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.