Iris Energy Limited (NASDAQ:IREN) Receives $15.63 Consensus Price Target from Analysts

Iris Energy Limited (NASDAQ:IREN) has received a consensus rating of “Moderate Buy” from the nine research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $15.63.

Several research firms recently commented on IREN. Macquarie increased their target price on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. Needham & Company LLC began coverage on Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a report on Thursday, August 29th. Cantor Fitzgerald dropped their target price on Iris Energy from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. dropped their target price on Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd.

Institutional Investors Weigh In On Iris Energy

Several hedge funds have recently made changes to their positions in the business. Marshall Wace LLP lifted its position in Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares during the period. Vident Advisory LLC lifted its position in Iris Energy by 58.0% in the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after purchasing an additional 717,843 shares during the period. Van ECK Associates Corp increased its holdings in Iris Energy by 23.7% in the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after buying an additional 351,774 shares in the last quarter. D1 Capital Partners L.P. purchased a new position in Iris Energy in the second quarter valued at about $17,319,000. Finally, Hood River Capital Management LLC purchased a new position in Iris Energy in the second quarter valued at about $13,618,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Stock Down 3.1 %

Iris Energy stock opened at $8.85 on Monday. The stock’s fifty day simple moving average is $8.21 and its 200-day simple moving average is $8.11. Iris Energy has a twelve month low of $2.79 and a twelve month high of $15.75.

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.