BTIG Research Initiates Coverage on Iris Energy (NASDAQ:IREN)

Research analysts at BTIG Research assumed coverage on shares of Iris Energy (NASDAQ:IREN) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $33.00 price target on the stock. BTIG Research’s target price suggests a potential upside of 189.22% from the company’s previous close.

Several other brokerages have also weighed in on IREN. Compass Point dropped their price objective on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Canaccord Genuity Group upped their price target on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Roth Mkm initiated coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Two research 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. Based on data from MarketBeat, Iris Energy presently has an average rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Trading Down 5.9 %

NASDAQ:IREN opened at $11.41 on Friday. Iris Energy has a twelve month low of $3.56 and a twelve month high of $15.92. The company has a fifty day moving average of $11.01 and a 200-day moving average of $10.19.

Institutional Trading of Iris Energy

A number of institutional investors and hedge funds have recently modified their holdings of IREN. Truist Financial Corp increased its position in shares of Iris Energy by 3.2% during the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after purchasing an additional 1,575 shares during the last quarter. Chesapeake Capital Corp IL boosted its stake in Iris Energy by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock valued at $157,000 after acquiring an additional 3,861 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in shares of Iris Energy by 13.2% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock valued at $473,000 after acquiring an additional 6,347 shares during the period. Wellington Management Group LLP lifted its stake in Iris Energy by 28.3% in the third quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock valued at $309,000 after purchasing an additional 8,092 shares during the last quarter. Finally, Bluefin Capital Management LLC bought a new position in Iris Energy during the second quarter valued at $113,000. 41.08% of the stock is 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.