Iris Energy (NASDAQ:IREN) Price Target Raised to $17.00 at Canaccord Genuity Group

Iris Energy (NASDAQ:IREN) had its target price boosted by equities research analysts at Canaccord Genuity Group from $15.00 to $17.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 77.82% from the company’s previous close.

Several other research firms have also recently commented on IREN. Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 target price on shares of Iris Energy in a research note on Wednesday, October 30th. HC Wainwright raised their price target on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd. B. Riley cut their target price on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Finally, Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $16.00.

Iris Energy Price Performance

IREN opened at $9.56 on Wednesday. The business’s 50-day moving average price is $9.29 and its two-hundred day moving average price is $9.43. Iris Energy has a 1 year low of $3.41 and a 1 year high of $15.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IREN. PEAK6 Investments LLC acquired a new stake in shares of Iris Energy during the 1st quarter worth $133,000. Goldentree Asset Management LP acquired a new position in Iris Energy during the first quarter valued at approximately $626,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Iris Energy by 1,521.1% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock valued at $2,123,000 after purchasing an additional 176,451 shares in the last quarter. MKP Capital Management L.L.C. acquired a new stake in shares of Iris Energy in the 2nd quarter valued at $3,139,000. Finally, X Square Capital LLC bought a new position in shares of Iris Energy in the 2nd quarter valued at $508,000. Institutional investors and hedge funds 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.