Iris Energy’s (IREN) “Buy” Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Iris Energy (NASDAQ:IREN) in a research report sent to investors on Monday morning, Benzinga reports. They currently have a $9.00 target price on the stock.

Several other research firms have also recently commented on IREN. HC Wainwright reaffirmed a buy rating and set a $10.00 target price on shares of Iris Energy in a research note on Tuesday, April 2nd. Cantor Fitzgerald restated an overweight rating and set a $10.00 price target on shares of Iris Energy in a report on Thursday, March 28th. Finally, B. Riley lowered their price objective on shares of Iris Energy from $10.00 to $9.50 and set a buy rating for the company in a research note on Friday, March 15th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $12.00.

Iris Energy Stock Down 0.4 %

IREN stock opened at $5.11 on Monday. The company has a fifty day moving average price of $5.14 and a 200-day moving average price of $5.11. Iris Energy has a 52-week low of $2.79 and a 52-week high of $9.69.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) earnings per share for the quarter. The firm had revenue of $42.57 million for the quarter, compared to the consensus estimate of $37.58 million. On average, equities research analysts anticipate that Iris Energy will post 0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new stake in shares of Iris Energy in the 1st quarter worth about $893,000. VitalStone Financial LLC increased its holdings in Iris Energy by 373.9% during the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after purchasing an additional 11,030 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of Iris Energy in the first quarter worth approximately $446,000. Van ECK Associates Corp raised its stake in shares of Iris Energy by 23.7% in the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after purchasing an additional 351,774 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Iris Energy in the first quarter valued at approximately $502,000. 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.