Iris Energy Limited (NASDAQ:IREN) Receives Average Recommendation of “Buy” from Brokerages

Shares of Iris Energy Limited (NASDAQ:IREN) have received an average rating of “Buy” from the twelve research firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $20.40.

IREN has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of Iris Energy in a research note on Thursday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th. B. Riley boosted their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Canaccord Genuity Group raised their target price on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, HC Wainwright boosted their price target on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, February 13th.

Iris Energy Stock Up 2.5 %

Shares of IREN opened at $5.61 on Friday. Iris Energy has a 12 month low of $4.15 and a 12 month high of $15.92. The firm’s 50 day moving average is $7.87 and its 200-day moving average is $9.81.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. As a group, research analysts anticipate that Iris Energy will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

Several large investors have recently bought and sold shares of IREN. Arrowstreet Capital Limited Partnership increased its stake in shares of Iris Energy by 1,307.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock valued at $55,825,000 after buying an additional 5,280,999 shares during the period. Discovery Capital Management LLC CT bought a new position in shares of Iris Energy during the fourth quarter valued at $11,544,000. Two Sigma Investments LP lifted its holdings in shares of Iris Energy by 193.2% during the fourth quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock worth $15,738,000 after purchasing an additional 1,056,005 shares during the period. Regal Partners Ltd grew its stake in shares of Iris Energy by 93.9% in the fourth quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock worth $16,670,000 after purchasing an additional 822,251 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new stake in Iris Energy in the fourth quarter valued at $7,162,000. 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.