Iris Energy (NASDAQ:IREN) Raised to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Iris Energy (NASDAQ:IREN) from a neutral rating to an overweight rating in a research note published on Thursday, Marketbeat Ratings reports. The brokerage currently has $12.00 target price on the stock, down from their previous target price of $15.00.

Other equities research analysts have also issued research reports about the stock. HC Wainwright upped their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Macquarie upped their target price on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 target price on shares of Iris Energy 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. Finally, BTIG Research assumed coverage on shares of Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price on the stock. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Iris Energy currently has an average rating of “Buy” and a consensus price target of $20.40.

Iris Energy Price Performance

Shares of IREN opened at $7.21 on Thursday. Iris Energy has a 12-month low of $4.15 and a 12-month high of $15.92. The firm has a 50-day moving average price of $10.44 and a 200 day moving average price of $10.12.

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 net margin of 17.94% and a negative return on equity of 3.98%. On average, sell-side analysts anticipate that Iris Energy will post 0.43 earnings per share for the current year.

Institutional Trading of Iris Energy

Several hedge funds have recently made changes to their positions in IREN. Stonebridge Financial Group LLC acquired a new stake in shares of Iris Energy during the fourth quarter worth about $29,000. HM Payson & Co. purchased a new stake in shares of Iris Energy during the fourth quarter worth approximately $30,000. R Squared Ltd purchased a new stake in shares of Iris Energy during the fourth quarter worth approximately $37,000. Main Management LLC purchased a new stake in shares of Iris Energy during the fourth quarter worth approximately $49,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Iris Energy by 1,059.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after buying an additional 7,646 shares during the period. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.