Brokerages Set Iris Energy Limited (NASDAQ:IREN) Price Target at $20.40

Iris Energy Limited (NASDAQ:IREN) has received an average rating of “Buy” from the twelve brokerages that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $20.40.

IREN has been the topic of several analyst reports. Macquarie lifted their target price on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright lifted their target price on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. BTIG Research initiated coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 target price on the stock. B. Riley lifted their target price on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th.

Institutional Investors Weigh In On Iris Energy

Several large investors have recently made changes to their positions in IREN. Stonebridge Financial Group LLC bought a new stake in shares of Iris Energy in the fourth quarter worth about $29,000. HM Payson & Co. bought a new stake in shares of Iris Energy in the fourth quarter worth about $30,000. R Squared Ltd bought a new stake in shares of Iris Energy in the fourth quarter worth about $37,000. Main Management LLC bought a new stake in Iris Energy during the fourth quarter worth approximately $49,000. Finally, Tower Research Capital LLC TRC increased its stake in 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 acquiring an additional 7,646 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

Iris Energy Stock Performance

IREN stock opened at $7.15 on Monday. Iris Energy has a 1 year low of $4.15 and a 1 year high of $15.92. The stock’s fifty day moving average price is $10.05 and its 200-day moving average price is $10.07.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping 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, sell-side analysts expect that Iris Energy will post 0.43 EPS for the current year.

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.