Analysts Set Iris Energy Limited (NASDAQ:IREN) Target Price at $15.44

Iris Energy Limited (NASDAQ:IREN) has earned an average recommendation of “Buy” from the eleven brokerages that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $15.44.

Several analysts have recently commented on IREN shares. Needham & Company LLC assumed coverage on Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. HC Wainwright lowered their price target on Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $15.00 price objective on shares of Iris Energy in a report on Thursday, August 29th. B. Riley reduced 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, Macquarie raised their price target on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th.

Iris Energy Price Performance

NASDAQ:IREN opened at $10.67 on Tuesday. Iris Energy has a one year low of $2.79 and a one year high of $15.75. The firm has a 50-day moving average of $8.96 and a 200-day moving average of $9.17.

Institutional Trading of Iris Energy

Institutional investors have recently added to or reduced their stakes in the stock. Bluefin Capital Management LLC purchased a new stake in shares of Iris Energy in the second quarter worth about $113,000. AFG Fiduciary Services Limited Partnership bought a new position in shares of Iris Energy in the third quarter worth $77,000. Covestor Ltd bought a new stake in Iris Energy during the third quarter valued at $87,000. Sippican Capital Advisors purchased a new position in Iris Energy during the third quarter worth about $94,000. Finally, Seven Eight Capital LP bought a new position in Iris Energy in the 2nd quarter worth about $146,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.