Iris Energy (NASDAQ:IREN) Earns Overweight Rating from Cantor Fitzgerald

Iris Energy (NASDAQ:IREN)‘s stock had its “overweight” rating reissued by stock analysts at Cantor Fitzgerald in a research report issued on Thursday,Benzinga reports. They currently have a $23.00 price objective on the stock. Cantor Fitzgerald’s target price points to a potential upside of 85.81% from the stock’s current price.

Other research analysts also recently issued reports about the company. Macquarie upped their target price on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Thursday. BTIG Research started coverage on shares of Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Finally, B. Riley boosted their price objective 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 research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.70.

Iris Energy Stock Performance

Shares of IREN traded down $0.63 during trading hours on Thursday, hitting $12.38. The stock had a trading volume of 6,178,818 shares, compared to its average volume of 16,119,151. The firm has a 50-day moving average price of $11.72 and a 200 day moving average price of $9.95. Iris Energy has a fifty-two week low of $4.15 and a fifty-two week high of $15.92.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. Equities research analysts anticipate that Iris Energy will post 0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Baader Bank Aktiengesellschaft lifted its stake in shares of Iris Energy by 66.7% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company’s stock valued at $1,228,000 after purchasing an additional 50,000 shares during the last quarter. Main Management ETF Advisors LLC acquired a new position in shares of Iris Energy in the 3rd quarter valued at $760,000. Van ECK Associates Corp grew its position in shares of Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after buying an additional 576,726 shares during the last quarter. Vontobel Holding Ltd. raised its stake in Iris Energy by 123.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after acquiring an additional 27,212 shares in the last quarter. Finally, Creative Planning lifted its position in Iris Energy by 71.2% in the third quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after acquiring an additional 190,300 shares during the last quarter. Hedge funds and other institutional investors 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.