Iris Energy (NASDAQ:IREN) Announces Earnings Results, Beats Estimates By $0.13 EPS

Iris Energy (NASDAQ:IREN) issued its quarterly earnings results on Wednesday. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.13, Zacks reports. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%.

Iris Energy Stock Performance

Iris Energy stock traded down $0.09 during mid-day trading on Friday, hitting $12.99. The company had a trading volume of 6,519,097 shares, compared to its average volume of 16,355,832. Iris Energy has a 1 year low of $4.15 and a 1 year high of $15.92. The business has a fifty day moving average of $11.70 and a 200 day moving average of $9.97.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. B. Riley upped their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Macquarie upped their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $15.00 target price (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Canaccord Genuity Group upped their price target on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. 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 Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.