Iris Energy Limited (NASDAQ:IREN) Given Average Recommendation of “Moderate Buy” by Brokerages

Iris Energy Limited (NASDAQ:IREN) has been given a consensus rating of “Moderate Buy” by the twelve research firms that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $20.70.

IREN has been the subject of several research analyst reports. Canaccord Genuity Group upped their target price on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. BTIG Research initiated coverage on Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 target price for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 target price (up from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Macquarie upped their target price on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th.

Iris Energy Stock Performance

Iris Energy stock opened at $13.00 on Thursday. Iris Energy has a 12 month low of $4.15 and a 12 month high of $15.92. The stock’s 50 day simple moving average is $11.60 and its two-hundred day simple moving average is $10.07.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, topping 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, equities research analysts expect that Iris Energy will post 0.33 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IREN. Baader Bank Aktiengesellschaft increased its stake in shares of Iris Energy by 66.7% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company’s stock worth $1,228,000 after acquiring an additional 50,000 shares during the last quarter. Main Management ETF Advisors LLC acquired a new stake in shares of Iris Energy in the 3rd quarter worth $760,000. Van ECK Associates Corp increased its stake in shares of Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after acquiring an additional 576,726 shares during the last quarter. Vontobel Holding Ltd. increased its stake in shares of Iris Energy by 123.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after acquiring an additional 27,212 shares during the last quarter. Finally, Creative Planning increased its stake in shares of Iris Energy by 71.2% in the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after acquiring an additional 190,300 shares during the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.