Iris Energy Limited (NASDAQ:IREN) Receives Average Recommendation of “Buy” from Analysts

Shares of Iris Energy Limited (NASDAQ:IREN) have earned a consensus rating of “Buy” from the twelve ratings firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $20.40.

IREN has been the topic of several research reports. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. BTIG Research started coverage on Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 target price for the company. Canaccord Genuity Group upped their price target on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, February 13th. B. Riley raised their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 target price on shares of Iris Energy in a research note on Thursday, February 13th.

Iris Energy Stock Performance

Shares of NASDAQ:IREN opened at $5.45 on Friday. The business has a 50-day moving average of $8.15 and a two-hundred day moving average of $9.86. Iris Energy has a 12 month low of $4.15 and a 12 month high of $15.92.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. As a group, equities research analysts anticipate that Iris Energy will post 0.43 EPS for the current year.

Institutional Trading of Iris Energy

Large investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership increased its stake in shares of Iris Energy by 1,307.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock valued at $55,825,000 after purchasing an additional 5,280,999 shares during the period. Vident Advisory LLC raised its stake in Iris Energy by 26.1% during the 4th quarter. Vident Advisory LLC now owns 2,937,918 shares of the company’s stock valued at $28,850,000 after acquiring an additional 608,736 shares in the last quarter. Invesco Ltd. boosted its position in Iris Energy by 22.5% during the 4th quarter. Invesco Ltd. now owns 2,311,583 shares of the company’s stock worth $22,700,000 after acquiring an additional 424,403 shares during the period. Regal Partners Ltd grew its stake in shares of Iris Energy by 93.9% in the fourth quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock worth $16,670,000 after purchasing an additional 822,251 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in shares of Iris Energy by 193.2% during the fourth quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock valued at $15,738,000 after purchasing an additional 1,056,005 shares during the period. Institutional investors and hedge funds 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.