B. Riley Raises Iris Energy (NASDAQ:IREN) Price Target to $18.00

Iris Energy (NASDAQ:IREN) had its price objective boosted by B. Riley from $9.50 to $18.00 in a research report report published on Monday morning, Benzinga reports. B. Riley currently has a buy rating on the stock.

IREN has been the subject of several other reports. Cantor Fitzgerald upgraded Iris Energy to a strong-buy rating in a report on Wednesday, June 12th. JPMorgan Chase & Co. lifted their price objective on Iris Energy from $10.00 to $11.00 and gave the company an overweight rating in a report on Tuesday, June 4th. Canaccord Genuity Group boosted their target price on shares of Iris Energy from $9.00 to $12.00 and gave the stock a buy rating in a report on Thursday, May 16th. Finally, HC Wainwright reiterated a buy rating and issued a $10.00 target price on shares of Iris Energy in a report on Thursday, May 16th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Buy and a consensus target price of $16.33.

Iris Energy Trading Down 5.5 %

NASDAQ:IREN opened at $12.27 on Monday. Iris Energy has a twelve month low of $2.79 and a twelve month high of $14.95. The stock has a fifty day simple moving average of $8.07 and a 200-day simple moving average of $6.51.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.04). The company had revenue of $54.35 million during the quarter, compared to analysts’ expectations of $58.41 million. Research analysts forecast that Iris Energy will post 0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

A number of large investors have recently added to or reduced their stakes in the company. Tucker Asset Management LLC purchased a new stake in shares of Iris Energy during the third quarter worth about $47,000. VitalStone Financial LLC grew its stake in shares of Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares during the last quarter. CCG Wealth Management LLC purchased a new stake in shares of Iris Energy during the first quarter worth about $72,000. Counterpoint Mutual Funds LLC purchased a new stake in shares of Iris Energy during the fourth quarter worth about $84,000. Finally, PEAK6 Investments LLC purchased a new stake in shares of Iris Energy during the first quarter worth about $133,000. 41.08% of the stock is currently owned by institutional investors.

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.