HC Wainwright Forecasts Strong Price Appreciation for Iris Energy (NASDAQ:IREN) Stock

Iris Energy (NASDAQ:IREN) had its price objective increased by investment analysts at HC Wainwright from $16.00 to $22.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target would suggest a potential upside of 69.10% from the stock’s current price.

Several other equities analysts also recently commented on IREN. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Thursday. Macquarie increased their price target on 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 increased their price target on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. B. Riley increased their price target on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Cantor Fitzgerald increased their price target on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Iris Energy has an average rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Stock Down 0.5 %

Iris Energy stock opened at $13.01 on Thursday. Iris Energy has a 12 month low of $4.15 and a 12 month high of $15.92. The stock’s 50 day moving average is $11.65 and its 200-day moving average is $9.99.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. Research analysts predict that Iris Energy will post 0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Stonebridge Financial Group LLC bought a new stake in Iris Energy during the fourth quarter worth $29,000. HM Payson & Co. bought a new position in shares of Iris Energy in the 4th quarter valued at $30,000. R Squared Ltd bought a new position in shares of Iris Energy in the 4th quarter valued at $37,000. Tower Research Capital LLC TRC lifted its stake 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 valued at $82,000 after acquiring an additional 7,646 shares during the last quarter. Finally, Covestor Ltd bought a new position in shares of Iris Energy in the 3rd quarter valued at $87,000. 41.08% of the stock is currently owned by institutional investors.

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.