Cantor Fitzgerald Issues Positive Forecast for Iris Energy (NASDAQ:IREN) Stock Price

Iris Energy (NASDAQ:IREN) had its price objective raised by equities research analysts at Cantor Fitzgerald from $20.00 to $23.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 85.48% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Macquarie raised their price target on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. B. Riley cut their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Canaccord Genuity Group increased their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. reduced their target price on Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Finally, Compass Point reduced their price target on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $16.33.

Iris Energy Price Performance

NASDAQ 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 12 month low of $3.56 and a 12 month high of $15.75.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP lifted its stake in Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after buying an additional 958,494 shares during the period. Van ECK Associates Corp grew 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 valued at $13,938,000 after buying an additional 576,726 shares during the period. D1 Capital Partners L.P. bought a new stake in Iris Energy in the 2nd quarter valued at about $17,319,000. Hood River Capital Management LLC acquired a new position in Iris Energy during the 2nd quarter worth approximately $13,618,000. Finally, Bank of Montreal Can bought a new position in Iris Energy in the second quarter worth approximately $9,969,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.