Iris Energy (NASDAQ:IREN) Stock Price Expected to Rise, HC Wainwright Analyst Says

Iris Energy (NASDAQ:IREN) had its target price boosted by HC Wainwright from $16.00 to $22.00 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently weighed in on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 price target (up from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a report on Thursday. B. Riley boosted their price target on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Macquarie raised their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Canaccord Genuity Group boosted their target price on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.70.

Iris Energy Price Performance

NASDAQ:IREN opened at $13.01 on Thursday. Iris Energy has a fifty-two week low of $4.15 and a fifty-two week high of $15.92. The company has a 50 day simple moving average of $11.65 and a two-hundred day simple moving average of $9.99.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. As a group, equities research analysts anticipate that Iris Energy will post 0.11 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

A number of 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 4th quarter worth approximately $29,000. HM Payson & Co. bought a new stake in Iris Energy during the fourth quarter worth $30,000. R Squared Ltd purchased a new position in Iris Energy in the fourth quarter worth $37,000. Tower Research Capital LLC TRC increased its position in shares of Iris Energy by 1,059.0% during the 4th 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 last quarter. Finally, Farther Finance Advisors LLC bought a new stake in shares of Iris Energy during the 4th quarter worth $98,000. 41.08% of the stock is owned by 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.