Iris Energy (NASDAQ:IREN) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Iris Energy (NASDAQ:IREN) posted its quarterly earnings data on Wednesday. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.13, Zacks reports. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%.

Iris Energy Price Performance

Shares of Iris Energy stock traded up $0.59 during trading on Wednesday, hitting $13.01. 13,590,907 shares of the company’s stock traded hands, compared to its average volume of 16,483,852. The firm’s fifty day moving average price is $11.74 and its 200 day moving average price is $9.92. Iris Energy has a twelve month low of $4.15 and a twelve month high of $15.92.

Analysts Set New Price Targets

Several research analysts have commented on the company. B. Riley lifted their price target on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Canaccord Genuity Group raised their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. HC Wainwright upped their target price on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $15.00 price target (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Finally, Cantor Fitzgerald boosted their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Iris Energy currently has an average rating of “Moderate Buy” and a consensus price target of $19.50.

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.