Iris Energy (NASDAQ:IREN) Shares Gap Up – What’s Next?

Iris Energy Limited (NASDAQ:IREN)’s share price gapped up prior to trading on Monday . The stock had previously closed at $8.24, but opened at $8.91. Iris Energy shares last traded at $8.32, with a volume of 4,779,313 shares.

Analyst Ratings Changes

Several equities analysts recently weighed in on IREN shares. HC Wainwright lifted their target price on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. B. Riley boosted their price objective on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. BTIG Research started coverage on shares of Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $15.00 price target (up from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Stock Performance

The stock’s 50-day moving average is $10.99 and its two-hundred day moving average is $10.19.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. On average, analysts expect that Iris Energy Limited will post 0.43 EPS for the current year.

Hedge Funds Weigh In On Iris Energy

Several institutional investors have recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC purchased a new stake in shares of Iris Energy during the 4th quarter worth approximately $29,000. HM Payson & Co. purchased a new position in shares of Iris Energy in the fourth quarter valued at $30,000. R Squared Ltd purchased a new stake in Iris Energy during the fourth quarter valued at $37,000. Main Management LLC bought a new position in Iris Energy during the fourth quarter valued at $49,000. Finally, Tower Research Capital LLC TRC lifted its position in Iris Energy by 1,059.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock valued at $82,000 after purchasing an additional 7,646 shares during the last quarter. Hedge funds and other 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.