Cantor Fitzgerald Forecasts Strong Price Appreciation for Iris Energy (NASDAQ:IREN) Stock

Iris Energy (NASDAQ:IREN) had its price objective hoisted by equities research analysts at Cantor Fitzgerald from $20.00 to $23.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 83.71% from the stock’s previous close.

A number of other research firms have also weighed in on IREN. HC Wainwright boosted their target price on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday. Canaccord Genuity Group raised their target price on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday. Roth Mkm assumed coverage on Iris Energy in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price target for the company. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. One equities research 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. Based on data from MarketBeat.com, Iris Energy presently has a consensus rating of “Buy” and an average target price of $16.33.

Iris Energy Stock Performance

Shares of IREN stock traded up $2.96 during mid-day trading on Wednesday, reaching $12.52. 31,260,913 shares of the stock traded hands, compared to its average volume of 13,450,101. The stock’s fifty day simple moving average is $9.32 and its two-hundred day simple moving average is $9.46. Iris Energy has a 1-year low of $3.56 and a 1-year high of $15.75.

Hedge Funds Weigh In On Iris Energy

Several large investors have recently added to or reduced their stakes in IREN. PEAK6 Investments LLC purchased a new stake in shares of Iris Energy in the first quarter worth about $133,000. Goldentree Asset Management LP acquired a new stake in Iris Energy during the 1st quarter worth $626,000. Cambridge Investment Research Advisors Inc. boosted its stake in Iris Energy by 1,521.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock worth $2,123,000 after purchasing an additional 176,451 shares during the period. MKP Capital Management L.L.C. purchased a new position in shares of Iris Energy during the second quarter worth about $3,139,000. Finally, X Square Capital LLC acquired a new position in shares of Iris Energy in the second quarter valued at approximately $508,000. Hedge funds and other 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.