Iris Energy (NASDAQ:IREN) Trading 7.4% Higher – What’s Next?

Iris Energy Limited (NASDAQ:IREN) shares traded up 7.4% during mid-day trading on Wednesday . The company traded as high as $7.01 and last traded at $7.08. 1,342,360 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 15,209,437 shares. The stock had previously closed at $6.59.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Canaccord Genuity Group lifted their target price on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, February 13th. 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. Macquarie upped their price target on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. HC Wainwright raised their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $20.40.

Iris Energy Trading Up 0.1 %

The company has a fifty day simple moving average of $10.13 and a 200-day simple moving average of $10.08.

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 3.98% and a negative net margin of 17.94%. On average, equities research analysts expect that Iris Energy Limited will post 0.43 EPS for the current fiscal year.

Institutional Trading of Iris Energy

A number of hedge funds and other institutional investors have recently modified their holdings of IREN. Arrowstreet Capital Limited Partnership lifted its stake in shares of Iris Energy by 1,307.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock valued at $55,825,000 after buying an additional 5,280,999 shares in the last quarter. Vident Advisory LLC raised its holdings in Iris Energy by 26.1% during the fourth quarter. Vident Advisory LLC now owns 2,937,918 shares of the company’s stock valued at $28,850,000 after acquiring an additional 608,736 shares during the period. Invesco Ltd. lifted its position in shares of Iris Energy by 22.5% in the fourth quarter. Invesco Ltd. now owns 2,311,583 shares of the company’s stock valued at $22,700,000 after acquiring an additional 424,403 shares in the last quarter. Regal Partners Ltd boosted its stake in shares of Iris Energy by 93.9% in the fourth quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock worth $16,670,000 after acquiring an additional 822,251 shares during the period. Finally, Two Sigma Investments LP grew its position in shares of Iris Energy by 193.2% during the fourth quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock worth $15,738,000 after purchasing an additional 1,056,005 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other 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.