Iris Energy (NASDAQ:IREN) Price Target Raised to $23.00

Iris Energy (NASDAQ:IREN) had its target price lifted by investment analysts at Canaccord Genuity Group from $17.00 to $23.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 76.79% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research note on Thursday. Cantor Fitzgerald raised their price target on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Macquarie boosted their price target 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. B. Riley increased their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.70.

Iris Energy Stock Up 4.8 %

Shares of NASDAQ IREN opened at $13.01 on Thursday. Iris Energy has a fifty-two week low of $4.15 and a fifty-two week high of $15.92. The firm’s 50-day simple moving average is $11.72 and its 200 day simple moving average is $9.95.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. Sell-side analysts forecast that Iris Energy will post 0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Hedge funds have recently modified their holdings of the stock. Sippican Capital Advisors grew its holdings in Iris Energy by 15.1% during the fourth quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock valued at $126,000 after purchasing an additional 1,680 shares during the period. Drive Wealth Management LLC lifted its position in shares of Iris Energy by 5.8% during the 4th quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock valued at $390,000 after buying an additional 2,193 shares during the last quarter. Stonebridge Financial Group LLC bought a new position in shares of Iris Energy during the 4th quarter worth $29,000. HM Payson & Co. purchased a new stake in Iris Energy in the 4th quarter worth about $30,000. Finally, R Squared Ltd bought a new stake in Iris Energy in the 4th quarter valued at about $37,000. 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.