Iris Energy (NASDAQ:IREN) Trading Up 7.4% – Should You Buy?

Iris Energy Limited (NASDAQ:IREN)’s stock price was up 7.4% on Wednesday . The company traded as high as $7.01 and last traded at $7.08. Approximately 1,342,360 shares were traded during trading, a decline of 91% from the average daily volume of 15,209,437 shares. The stock had previously closed at $6.59.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on IREN shares. HC Wainwright upped their target price on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. BTIG Research initiated coverage on Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 price target for the company. Canaccord Genuity Group increased their price target on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, JPMorgan Chase & Co. raised Iris Energy from a “neutral” rating to an “overweight” rating and lowered their price target for the company from $15.00 to $12.00 in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Iris Energy presently has an average rating of “Buy” and an average target price of $20.40.

Iris Energy Stock Performance

The firm has a 50-day moving average price of $10.26 and a 200-day moving average price of $10.12.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. As a group, sell-side analysts predict that Iris Energy Limited will post 0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sippican Capital Advisors grew its stake in shares of Iris Energy by 15.1% during the 4th quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock worth $126,000 after acquiring an additional 1,680 shares during the period. Drive Wealth Management LLC grew its stake in shares of Iris Energy by 5.8% during the 4th quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock worth $390,000 after acquiring an additional 2,193 shares during the period. Stonebridge Financial Group LLC bought a new position in shares of Iris Energy during the 4th quarter worth $29,000. HM Payson & Co. bought a new position in shares of Iris Energy during the 4th quarter worth $30,000. Finally, R Squared Ltd bought a new position in shares of Iris Energy during the 4th quarter worth $37,000. 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.