Iris Energy (NASDAQ:IREN) Trading 5.3% Higher – Still a Buy?

Iris Energy Limited (NASDAQ:IREN)’s share price shot up 5.3% on Tuesday . The company traded as high as $6.32 and last traded at $6.41. 3,269,527 shares traded hands during trading, a decline of 79% from the average session volume of 15,249,493 shares. The stock had previously closed at $6.09.

Wall Street Analyst Weigh In

Several analysts have issued reports on IREN shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 target price on shares of Iris Energy in a research note on Thursday, February 13th. B. Riley lifted 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. JPMorgan Chase & Co. upgraded Iris Energy from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. HC Wainwright raised their price target on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Macquarie boosted their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Iris Energy has an average rating of “Buy” and a consensus target price of $20.40.

Iris Energy Price Performance

The stock has a 50-day moving average of $9.49 and a two-hundred day moving average of $10.10.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates 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 earnings per share for the current fiscal year.

Institutional Trading of Iris Energy

Several institutional investors have recently added to or reduced their stakes in IREN. Stonebridge Financial Group LLC purchased a new position in shares of Iris Energy in the fourth quarter worth about $29,000. HM Payson & Co. purchased a new position in Iris Energy in the 4th quarter worth approximately $30,000. R Squared Ltd bought a new stake in Iris Energy in the fourth quarter valued at approximately $37,000. Main Management LLC purchased a new stake in shares of Iris Energy during the fourth quarter valued at approximately $49,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of 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 period. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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.