Iris Energy (NASDAQ:IREN) Shares Gap Up to $12.82

Iris Energy Limited (NASDAQ:IREN)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $12.82, but opened at $13.55. Iris Energy shares last traded at $13.27, with a volume of 2,128,513 shares.

Analyst Ratings Changes

IREN has been the topic of a number of recent analyst reports. Cantor Fitzgerald raised Iris Energy to a “strong-buy” rating in a report on Wednesday, June 12th. B. Riley boosted their price target on Iris Energy from $9.50 to $18.00 and gave the stock a “buy” rating in a report on Monday, June 24th. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Iris Energy in a research note on Thursday, May 16th. Canaccord Genuity Group lifted their price objective on shares of Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $17.71.

Iris Energy Price Performance

The firm’s 50-day moving average is $9.59 and its two-hundred day moving average is $6.97.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.04). The firm had revenue of $54.35 million for the quarter, compared to analysts’ expectations of $58.41 million. On average, analysts forecast that Iris Energy Limited will post 0.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Institutional investors have recently bought and sold shares of the company. Counterpoint Mutual Funds LLC acquired a new stake in Iris Energy in the fourth quarter worth about $84,000. Tucker Asset Management LLC purchased a new position in Iris Energy during the 3rd quarter worth approximately $47,000. CCG Wealth Management LLC acquired a new stake in Iris Energy during the 1st quarter valued at approximately $72,000. VitalStone Financial LLC boosted its holdings in shares of Iris Energy by 373.9% in the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after acquiring an additional 11,030 shares during the last quarter. Finally, Olympiad Research LP purchased a new stake in shares of Iris Energy in the 4th quarter valued at $173,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.