Iris Energy (NASDAQ:IREN) Shares Up 6.6% – Still a Buy?

Iris Energy Limited (NASDAQ:IREN)’s stock price rose 6.6% during mid-day trading on Thursday . The stock traded as high as $12.32 and last traded at $12.43. Approximately 8,805,384 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 14,177,004 shares. The stock had previously closed at $11.66.

Wall Street Analysts Forecast Growth

A number of research firms have commented on IREN. BTIG Research started coverage on shares of Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 target price on the stock. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Canaccord Genuity Group lifted their price target on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Cantor Fitzgerald lifted their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Finally, B. Riley upped their target price on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Iris Energy has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Price Performance

The stock’s fifty day moving average is $11.71 and its 200-day moving average is $9.96.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings data on Tuesday, November 26th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. As a group, research analysts expect that Iris Energy Limited will post 0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Hedge funds have recently added to or reduced their stakes in the business. R Squared Ltd acquired a new position in shares of Iris Energy during the fourth quarter worth about $37,000. AFG Fiduciary Services Limited Partnership acquired a new position in Iris Energy in the third quarter valued at approximately $77,000. Bluefin Capital Management LLC purchased a new position in Iris Energy in the second quarter valued at approximately $113,000. Covestor Ltd acquired a new stake in Iris Energy during the third quarter worth approximately $87,000. Finally, Sippican Capital Advisors purchased a new stake in shares of Iris Energy during the 3rd quarter worth approximately $94,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.