Canaccord Genuity Group Increases Iris Energy (NASDAQ:IREN) Price Target to $17.00

Iris Energy (NASDAQ:IREN) had its price target lifted by Canaccord Genuity Group from $15.00 to $17.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 target price on shares of Iris Energy in a research note on Wednesday, October 30th. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lowered their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Roth Mkm initiated coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price objective for the company. Finally, B. Riley lowered their target price on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, September 13th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Iris Energy currently has an average rating of “Buy” and an average target price of $16.33.

Iris Energy Trading Up 9.0 %

Shares of IREN opened at $13.51 on Wednesday. The firm’s 50-day simple moving average is $9.51 and its 200 day simple moving average is $9.50. Iris Energy has a 52 week low of $3.56 and a 52 week high of $15.75.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. PEAK6 Investments LLC acquired a new stake in shares of Iris Energy in the 1st quarter valued at $133,000. Goldentree Asset Management LP bought a new position in Iris Energy in the first quarter valued at about $626,000. Cambridge Investment Research Advisors Inc. grew its position in Iris Energy by 1,521.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock valued at $2,123,000 after acquiring an additional 176,451 shares during the last quarter. MKP Capital Management L.L.C. acquired a new position in Iris Energy during the second quarter worth about $3,139,000. Finally, X Square Capital LLC bought a new position in shares of Iris Energy in the second quarter worth about $508,000. 41.08% of the stock is owned by institutional investors.

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.