Iris Energy Limited (NASDAQ:IREN) Receives Average Recommendation of “Moderate Buy” from Analysts

Iris Energy Limited (NASDAQ:IREN) has been given a consensus rating of “Moderate Buy” by the twelve research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $20.70.

A number of research analysts have recently weighed in on IREN shares. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. Macquarie lifted their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. BTIG Research began coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective for the company. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Finally, Canaccord Genuity Group lifted their price objective on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th.

Iris Energy Stock Performance

Shares of IREN stock opened at $10.16 on Thursday. Iris Energy has a fifty-two week low of $4.15 and a fifty-two week high of $15.92. The business has a fifty day simple moving average of $11.46 and a 200-day simple moving average of $10.16.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. On average, sell-side analysts expect that Iris Energy will post 0.43 EPS for the current year.

Institutional Trading of Iris Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. Arrowstreet Capital Limited Partnership grew its holdings in Iris Energy by 1,307.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock valued at $55,825,000 after buying an additional 5,280,999 shares during the period. Discovery Capital Management LLC CT acquired a new position in shares of Iris Energy in the 4th quarter valued at about $11,544,000. Two Sigma Investments LP lifted its stake in shares of Iris Energy by 193.2% in the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock valued at $15,738,000 after purchasing an additional 1,056,005 shares in the last quarter. Regal Partners Ltd lifted its stake in shares of Iris Energy by 93.9% in the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock valued at $16,670,000 after purchasing an additional 822,251 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of Iris Energy in the 4th quarter valued at about $7,162,000. 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.