Iris Energy (NASDAQ:IREN) Stock Rating Reaffirmed by Canaccord Genuity Group

Iris Energy (NASDAQ:IREN)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity Group in a report issued on Thursday, Benzinga reports. They presently have a $9.00 price objective on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 66.36% from the stock’s current price.

IREN has been the topic of several other reports. JPMorgan Chase & Co. lifted their target price on shares of Iris Energy from $9.00 to $9.50 and gave the stock an “overweight” rating in a research report on Friday, December 8th. B. Riley dropped their price target on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Iris Energy in a research report on Thursday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Iris Energy presently has a consensus rating of “Buy” and an average price target of $12.00.

Iris Energy Stock Performance

IREN traded up $0.04 during trading hours on Thursday, hitting $5.41. 10,186,762 shares of the company’s stock were exchanged, compared to its average volume of 8,790,304. The stock’s 50-day moving average is $5.34 and its two-hundred day moving average is $4.82. Iris Energy has a 1-year low of $2.70 and a 1-year high of $9.69.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) earnings per share for the quarter. The firm had revenue of $42.57 million for the quarter, compared to the consensus estimate of $37.58 million. Research analysts forecast that Iris Energy will post -0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Quadrature Capital Ltd raised its holdings in Iris Energy by 719.8% during the fourth quarter. Quadrature Capital Ltd now owns 232,312 shares of the company’s stock worth $1,655,000 after buying an additional 203,976 shares during the last quarter. Goldman Sachs Group Inc. purchased a new stake in shares of Iris Energy in the fourth quarter valued at about $836,000. Vident Advisory LLC raised its holdings in shares of Iris Energy by 110.5% in the fourth quarter. Vident Advisory LLC now owns 1,237,155 shares of the company’s stock valued at $8,846,000 after purchasing an additional 649,411 shares during the last quarter. Prelude Capital Management LLC purchased a new stake in shares of Iris Energy in the fourth quarter valued at about $173,000. Finally, Creative Planning purchased a new stake in shares of Iris Energy in the fourth quarter valued at about $91,000. 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.