Canaccord Genuity Group Reaffirms Buy Rating for Iris Energy (NASDAQ:IREN)

Canaccord Genuity Group reaffirmed their buy rating on shares of Iris Energy (NASDAQ:IREN) in a report published on Monday morning, Benzinga reports. The firm currently has a $9.00 price objective on the stock.

Several other analysts have also commented on the stock. Cantor Fitzgerald reissued an overweight rating and set a $10.00 price objective on shares of Iris Energy in a research note on Thursday, March 28th. B. Riley lowered their target price on Iris Energy from $10.00 to $9.50 and set a buy rating on the stock in a report on Friday, March 15th. Finally, HC Wainwright reissued a buy rating and issued a $10.00 price target on shares of Iris Energy in a report on Tuesday, April 2nd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of Buy and an average target price of $12.00.

Iris Energy Trading Up 1.2 %

IREN opened at $5.13 on Monday. Iris Energy has a one year low of $2.79 and a one year high of $9.69. The business’s fifty day moving average is $5.15 and its two-hundred day moving average is $5.11.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) EPS for the quarter. The company had revenue of $42.57 million for the quarter, compared to analyst estimates of $37.58 million. Analysts forecast that Iris Energy will post 0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Several hedge funds have recently made changes to their positions in IREN. Russell Investments Group Ltd. purchased a new position in shares of Iris Energy in the 1st quarter worth $893,000. VitalStone Financial LLC increased its stake in Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in shares of Iris Energy in the 1st quarter worth about $446,000. Van ECK Associates Corp lifted its stake in shares of Iris Energy by 23.7% in the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after purchasing an additional 351,774 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Iris Energy in the 1st quarter valued at about $502,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.