Brokerages Set Iris Energy Limited (NASDAQ:IREN) Price Target at $17.83

Shares of Iris Energy Limited (NASDAQ:IREN) have earned a consensus recommendation of “Buy” from the six analysts that are presently covering the stock, MarketBeat reports. Six analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $17.83.

A number of analysts have recently commented on the company. B. Riley cut their price target on Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Friday, July 12th. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of Iris Energy in a research note on Wednesday, July 24th. JPMorgan Chase & Co. boosted their target price on shares of Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Canaccord Genuity Group lifted their target price on Iris Energy from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of Iris Energy in a research note on Wednesday, July 24th.

Institutional Trading of Iris Energy

Institutional investors have recently modified their holdings of the stock. VitalStone Financial LLC boosted its stake in Iris Energy by 373.9% in the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after buying an additional 11,030 shares in the last quarter. CCG Wealth Management LLC acquired a new stake in Iris Energy in the first quarter valued at approximately $72,000. Counterpoint Mutual Funds LLC bought a new stake in shares of Iris Energy during the fourth quarter worth $84,000. PEAK6 Investments LLC acquired a new position in shares of Iris Energy during the first quarter worth $133,000. Finally, Olympiad Research LP bought a new position in shares of Iris Energy in the 4th quarter valued at $173,000. 41.08% of the stock is currently owned by institutional investors.

Iris Energy Price Performance

Shares of NASDAQ IREN opened at $7.60 on Friday. Iris Energy has a twelve month low of $2.79 and a twelve month high of $15.75. The company’s fifty day moving average is $11.39 and its 200-day moving average is $7.53.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings data on Wednesday, May 15th. The company reported $0.08 earnings per share (EPS) 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 analyst estimates of $58.41 million. Analysts expect that Iris Energy will post -0.01 EPS for the current year.

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.