Iris Energy (NASDAQ:IREN) Trading Up 7.7% – Here’s What Happened

Iris Energy Limited (NASDAQ:IREN)’s stock price was up 7.7% on Friday . The stock traded as high as $12.63 and last traded at $12.48. Approximately 11,853,034 shares were traded during trading, a decline of 30% from the average daily volume of 16,860,459 shares. The stock had previously closed at $11.59.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IREN. Cantor Fitzgerald raised their price objective on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. 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 report on Tuesday, December 10th. Canaccord Genuity Group upped their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. HC Wainwright lifted their price objective on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Iris Energy currently has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Stock Performance

The company’s 50 day moving average is $11.77 and its 200 day moving average is $9.88.

Iris Energy (NASDAQ:IREN) last released its earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. Equities analysts predict that Iris Energy Limited will post 0.11 earnings per share for the current year.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Baader Bank Aktiengesellschaft raised its stake in shares of Iris Energy by 66.7% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company’s stock valued at $1,228,000 after buying an additional 50,000 shares in the last quarter. Main Management ETF Advisors LLC bought a new stake in Iris Energy in the third quarter valued at about $760,000. Van ECK Associates Corp raised its position in 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 purchasing an additional 576,726 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in Iris Energy by 123.1% during the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after purchasing an additional 27,212 shares during the period. Finally, Creative Planning lifted its stake in Iris Energy by 71.2% during the third quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after purchasing an additional 190,300 shares during the period. 41.08% of the stock is currently owned by institutional investors.

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.