Canaccord Genuity Group Forecasts Strong Price Appreciation for Iris Energy (NASDAQ:IREN) Stock

Iris Energy (NASDAQ:IREN) had its price objective raised by investment analysts at Canaccord Genuity Group from $15.00 to $17.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 37.10% from the company’s previous close.

A number of other brokerages also recently commented on IREN. HC Wainwright lifted their target price on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday. B. Riley cut their target price on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Roth Mkm started coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price objective on the stock. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Finally, Compass Point cut their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a report on Friday, August 30th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Iris Energy has a consensus rating of “Buy” and an average target price of $16.33.

Iris Energy Trading Up 29.7 %

Shares of IREN opened at $12.40 on Wednesday. The stock has a 50 day moving average of $9.42 and a 200-day moving average of $9.48. Iris Energy has a 52 week low of $3.56 and a 52 week high of $15.75.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently bought and sold shares of IREN. Marshall Wace LLP grew its stake in shares of Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after purchasing an additional 958,494 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after buying an additional 576,726 shares in the last quarter. D1 Capital Partners L.P. acquired a new position in Iris Energy in the second quarter worth approximately $17,319,000. Hood River Capital Management LLC bought a new position in shares of Iris Energy in the second quarter valued at $13,618,000. Finally, Bank of Montreal Can acquired a new stake in shares of Iris Energy during the 2nd quarter valued at $9,969,000. 41.08% of the stock is currently 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.