Iris Energy (NASDAQ:IREN) Shares Gap Up – Still a Buy?

Iris Energy Limited (NASDAQ:IREN) gapped up before the market opened on Friday . The stock had previously closed at $10.30, but opened at $10.74. Iris Energy shares last traded at $10.68, with a volume of 1,842,394 shares traded.

Analyst Ratings Changes

A number of analysts have recently issued reports on IREN shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 price objective (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Macquarie lifted their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald lifted their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Finally, B. Riley lifted their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Stock Performance

The firm’s 50-day moving average is $11.80 and its 200-day moving average is $9.90.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. As a group, research analysts forecast that Iris Energy Limited will post 0.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Several hedge funds have recently bought and sold shares of the business. Stonebridge Financial Group LLC bought a new position in shares of Iris Energy in the fourth quarter worth approximately $29,000. R Squared Ltd purchased a new stake in Iris Energy during the fourth quarter valued at approximately $37,000. AFG Fiduciary Services Limited Partnership purchased a new stake in Iris Energy during the third quarter valued at approximately $77,000. Covestor Ltd purchased a new stake in shares of Iris Energy in the third quarter worth $87,000. Finally, Sippican Capital Advisors purchased a new stake in shares of Iris Energy in the third quarter worth $94,000. 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.