Cantor Fitzgerald Reiterates “Overweight” Rating for Iris Energy (NASDAQ:IREN)

Iris Energy (NASDAQ:IREN)‘s stock had its “overweight” rating reaffirmed by equities researchers at Cantor Fitzgerald in a report issued on Thursday,Benzinga reports. They currently have a $23.00 target price on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 85.81% from the stock’s current price.

Several other brokerages have also recently issued reports on IREN. B. Riley raised their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. BTIG Research initiated coverage on Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective for the company. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Thursday. JPMorgan Chase & Co. restated a “neutral” rating and set a $15.00 price target (up from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Finally, HC Wainwright raised their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.70.

Iris Energy Stock Performance

Shares of Iris Energy stock traded down $0.63 during midday trading on Thursday, hitting $12.38. The company had a trading volume of 6,178,818 shares, compared to its average volume of 16,119,151. The company has a 50 day moving average of $11.72 and a 200 day moving average of $9.95. Iris Energy has a 52-week low of $4.15 and a 52-week high of $15.92.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. On average, equities research analysts predict that Iris Energy will post 0.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. Polymer Capital Management HK LTD grew its position in shares of Iris Energy by 147.8% during the 4th quarter. Polymer Capital Management HK LTD now owns 297,328 shares of the company’s stock worth $2,920,000 after buying an additional 177,328 shares in the last quarter. Peapack Gladstone Financial Corp bought a new position in Iris Energy during the 4th quarter worth about $137,000. Hel Ved Capital Management Ltd increased its position in Iris Energy by 196.1% during the 4th quarter. Hel Ved Capital Management Ltd now owns 395,800 shares of the company’s stock valued at $3,887,000 after purchasing an additional 262,150 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Iris Energy by 54.7% in the 4th quarter. Wells Fargo & Company MN now owns 272,398 shares of the company’s stock valued at $2,675,000 after purchasing an additional 96,358 shares in the last quarter. Finally, ExodusPoint Capital Management LP purchased a new stake in shares of Iris Energy in the 4th quarter worth approximately $1,725,000. 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.