Iris Energy (NASDAQ:IREN) Shares Up 6.9%

Iris Energy Limited (NASDAQ:IREN) shares were up 6.9% on Monday . The company traded as high as $10.34 and last traded at $10.20. Approximately 1,897,222 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 12,209,091 shares. The stock had previously closed at $9.54.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Canaccord Genuity Group increased their price target on shares of Iris Energy from $12.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their target price on shares of Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price target on shares of Iris Energy in a research note on Wednesday, July 24th. Sanford C. Bernstein started coverage on Iris Energy in a research report on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price objective for the company. Finally, B. Riley dropped their target price on Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Friday, July 12th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Iris Energy has an average rating of “Buy” and a consensus price target of $17.83.

Iris Energy Stock Up 1.3 %

The stock’s fifty day moving average is $11.18 and its 200-day moving average is $7.33.

Iris Energy (NASDAQ:IREN) last released its quarterly 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 during the quarter, compared to the consensus estimate of $58.41 million. On average, analysts anticipate that Iris Energy Limited will post -0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

Several large investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. increased its position in Iris Energy by 52.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after buying an additional 356,752 shares during the period. Vontobel Holding Ltd. raised its stake in Iris Energy by 123.2% during the 4th quarter. Vontobel Holding Ltd. now owns 62,791 shares of the company’s stock valued at $449,000 after purchasing an additional 34,662 shares during the last quarter. Van ECK Associates Corp grew its position in Iris Energy by 32.9% in the 4th quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock worth $10,624,000 after purchasing an additional 368,140 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in Iris Energy in the 4th quarter worth $84,000. Finally, Jump Financial LLC increased its holdings in shares of Iris Energy by 33.1% during the 4th quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock worth $353,000 after purchasing an additional 12,290 shares during the period. Institutional investors and hedge funds 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.