Iris Energy’s (IREN) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Iris Energy (NASDAQ:IREN)‘s stock had its “overweight” rating reiterated by equities researchers at Cantor Fitzgerald in a note issued to investors on Wednesday, Benzinga reports. They currently have a $20.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 89.21% from the company’s current price.

A number of other analysts also recently weighed in on the stock. Sanford C. Bernstein began coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price target for the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a report on Thursday, August 29th. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. decreased their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. Finally, Needham & Company LLC began coverage on shares of Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating for the company. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $15.44.

Iris Energy Stock Up 0.2 %

Shares of IREN stock traded up $0.02 during mid-day trading on Wednesday, reaching $10.57. 9,036,782 shares of the company were exchanged, compared to its average volume of 12,951,456. Iris Energy has a fifty-two week low of $2.79 and a fifty-two week high of $15.75. The business’s 50 day simple moving average is $8.23 and its 200 day simple moving average is $8.69.

Institutional Investors Weigh In On Iris Energy

Several institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP lifted its holdings in Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after purchasing an additional 958,494 shares during the period. Vident Advisory LLC lifted its holdings in Iris Energy by 58.0% in the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after purchasing an additional 717,843 shares during the period. Van ECK Associates Corp lifted its holdings in Iris Energy by 23.7% in the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after purchasing an additional 351,774 shares during the period. D1 Capital Partners L.P. acquired a new stake in Iris Energy in the second quarter worth about $17,319,000. Finally, Hood River Capital Management LLC acquired a new stake in Iris Energy in the second quarter worth about $13,618,000. Institutional investors and hedge funds 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.