Iris Energy (NASDAQ:IREN) Shares Gap Up on Analyst Upgrade

Posted by Jessica Moore on Jul 26th, 2024

Iris Energy Limited (NASDAQ:IREN – Get Free Report) shares gapped up prior to trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from $12.00 to $15.00. The stock had previously closed at $10.89, but opened at $11.24. Canaccord Genuity Group currently has a buy rating on the stock. Iris Energy shares last traded at $11.12, with a volume of 2,175,167 shares traded.

A number of other equities research analysts have also recently weighed in on the company. Sanford C. Bernstein assumed coverage on Iris Energy in a report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Iris Energy in a report on Thursday, May 16th. Cantor Fitzgerald upgraded Iris Energy to a “strong-buy” rating in a report on Wednesday, June 12th. B. Riley lowered their price target on Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. upped their price target on Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $17.83.

View Our Latest Analysis on Iris Energy

Institutional Investors Weigh In On Iris Energy

A number of large investors have recently bought and sold shares of the stock. Goldentree Asset Management LP acquired a new stake in Iris Energy during the 1st quarter valued at $626,000. PEAK6 Investments LLC purchased a new position in shares of Iris Energy during the 1st quarter worth $133,000. K2 Principal Fund L.P. purchased a new position in shares of Iris Energy during the 1st quarter worth $675,000. Vident Advisory LLC lifted its stake in shares of Iris Energy by 58.0% during the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after purchasing an additional 717,843 shares during the period. Finally, Russell Investments Group Ltd. purchased a new position in shares of Iris Energy during the 1st quarter worth $893,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Trading Down 7.6 %

The business has a 50 day simple moving average of $11.03 and a two-hundred day simple moving average of $7.28.

Iris Energy (NASDAQ:IREN – Get Free Report) last issued its quarterly earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The business had revenue of $54.35 million during the quarter, compared to the consensus estimate of $58.41 million.