Iris Energy (NASDAQ:IREN) Shares Gap Up After Analyst Upgrade

Iris Energy Limited (NASDAQ:IREN) gapped up prior to trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $20.00 to $23.00. The stock had previously closed at $9.56, but opened at $10.70. Cantor Fitzgerald currently has an overweight rating on the stock. Iris Energy shares last traded at $11.90, with a volume of 8,165,187 shares changing hands.

IREN has been the topic of a number of other research reports. Compass Point decreased their target price on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Roth Mkm started coverage on Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. JPMorgan Chase & Co. decreased their target price on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Finally, Macquarie boosted their price target on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Iris Energy has an average rating of “Buy” and a consensus price target of $16.33.

Institutional Investors Weigh In On Iris Energy

A number of large investors have recently added to or reduced their stakes in the company. Central Asset Investments & Management Holdings HK Ltd acquired a new position in Iris Energy in the 2nd quarter worth $779,000. Van ECK Associates Corp lifted its stake in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after acquiring an additional 576,726 shares in the last quarter. Vontobel Holding Ltd. boosted its holdings in Iris Energy by 123.1% in the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock valued at $416,000 after purchasing an additional 27,212 shares during the last quarter. Creative Planning grew its stake in Iris Energy by 71.2% during the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after purchasing an additional 190,300 shares in the last quarter. Finally, Campbell Capital Management Inc. purchased a new stake in Iris Energy during the 3rd quarter worth approximately $608,000. 41.08% of the stock is owned by institutional investors and hedge funds.

Iris Energy Trading Up 29.7 %

The firm has a fifty day simple moving average of $9.32 and a 200-day simple moving average of $9.46.

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.