Iris Energy (NASDAQ:IREN) Trading Up 7.9% – Should You Buy?

Iris Energy Limited (NASDAQ:IREN)’s stock price rose 7.9% during trading on Friday . The stock traded as high as $12.41 and last traded at $12.36. Approximately 3,446,839 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 11,717,733 shares. The stock had previously closed at $11.45.

Analysts Set New Price Targets

Several analysts recently issued reports on IREN shares. Macquarie increased their price target on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Roth Capital raised Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Canaccord Genuity Group boosted their price target on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. BTIG Research started coverage on Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective on the stock. Finally, Roth Mkm assumed coverage on Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price for the company. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Iris Energy currently has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Price Performance

The company’s 50-day simple moving average is $11.72 and its 200-day simple moving average is $10.06.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP increased its position in shares of Iris Energy by 33.6% during the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after buying an additional 958,494 shares during the period. Van ECK Associates Corp raised its holdings in Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after buying an additional 576,726 shares during the last quarter. D1 Capital Partners L.P. bought a new position in shares of Iris Energy in the second quarter valued at approximately $17,319,000. Hood River Capital Management LLC bought a new stake in Iris Energy in the 2nd quarter worth about $13,618,000. Finally, Bank of Montreal Can purchased a new stake in shares of Iris Energy during the 2nd quarter valued at $9,969,000. 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.