Iris Energy Limited (NASDAQ:IREN) Receives Average Recommendation of “Buy” from Brokerages

Iris Energy Limited (NASDAQ:IREN) has earned an average recommendation of “Buy” from the eleven brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $15.44.

A number of brokerages have weighed in on IREN. JPMorgan Chase & Co. dropped their target price on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd. HC Wainwright lowered their price target on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. B. Riley lowered their price target on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Roth Mkm started coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $20.00 price target on shares of Iris Energy in a research report on Wednesday, October 30th.

Iris Energy Price Performance

Shares of NASDAQ:IREN opened at $10.25 on Tuesday. Iris Energy has a 1-year low of $2.84 and a 1-year high of $15.75. The company’s fifty day moving average is $9.02 and its two-hundred day moving average is $9.25.

Hedge Funds Weigh In On Iris Energy

Several large investors have recently made changes to their positions in the business. Russell Investments Group Ltd. purchased a new stake in Iris Energy during the first quarter valued at about $893,000. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in Iris Energy during the second quarter valued at about $779,000. Van ECK Associates Corp lifted its stake in Iris Energy by 56.1% during the third 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 in the last quarter. Vontobel Holding Ltd. lifted its stake in Iris Energy by 123.1% during the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock valued at $416,000 after buying an additional 27,212 shares in the last quarter. Finally, Creative Planning lifted its stake in Iris Energy by 71.2% during the third quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after buying an additional 190,300 shares in the last quarter. 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.