Brokerages Set Iris Energy Limited (NASDAQ:IREN) Target Price at $15.63

Shares of Iris Energy Limited (NASDAQ:IREN) have received a consensus recommendation of “Moderate Buy” from the nine analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $15.63.

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. dropped their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Sanford C. Bernstein initiated coverage on Iris Energy in a research note on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price target on the stock. Needham & Company LLC began coverage on shares of Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. Canaccord Genuity Group reissued a “buy” rating and set a $15.00 target price on shares of Iris Energy in a research report on Thursday, August 29th. Finally, Cantor Fitzgerald reduced their price target on shares of Iris Energy from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, August 29th.

Institutional Trading of Iris Energy

Institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new stake in Iris Energy during the first quarter valued at approximately $893,000. Central Asset Investments & Management Holdings HK Ltd acquired a new stake in shares of Iris Energy in the 2nd quarter worth $779,000. Quadrature Capital Ltd purchased a new stake in Iris Energy in the fourth quarter valued at about $1,655,000. Commerce Bank acquired a new stake in Iris Energy in the fourth quarter worth about $256,000. Finally, Daiwa Securities Group Inc. purchased a new stake in shares of Iris Energy during the first quarter worth about $446,000. 41.08% of the stock is currently owned by institutional investors.

Iris Energy Price Performance

Iris Energy stock opened at $8.85 on Monday. The firm has a 50-day moving average of $8.21 and a two-hundred day moving average of $8.15. Iris Energy has a 1 year low of $2.79 and a 1 year high of $15.75.

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.