Iris Energy Limited (NASDAQ:IREN) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Iris Energy Limited (NASDAQ:IREN) have received a consensus rating of “Buy” from the twelve analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $20.30.

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and reduced their price objective for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. Macquarie upped their price target on shares of Iris Energy from $15.50 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, May 15th. Canaccord Genuity Group reissued a “buy” rating and issued a $23.00 price objective on shares of Iris Energy in a research note on Friday, May 16th. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th. Finally, HC Wainwright reduced their target price on Iris Energy from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, May 15th.

Institutional Trading of Iris Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. Belpointe Asset Management LLC increased its holdings in shares of Iris Energy by 21.8% during the first quarter. Belpointe Asset Management LLC now owns 24,974 shares of the company’s stock worth $152,000 after buying an additional 4,465 shares in the last quarter. Clearline Capital LP bought a new stake in Iris Energy during the 1st quarter worth $178,000. PharVision Advisers LLC acquired a new position in Iris Energy in the 1st quarter worth about $126,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Iris Energy by 14.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 987,466 shares of the company’s stock worth $6,014,000 after purchasing an additional 122,668 shares in the last quarter. Finally, Quarry LP bought a new position in Iris Energy in the first quarter valued at about $40,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Price Performance

Shares of NASDAQ:IREN opened at $9.75 on Friday. The business’s 50 day simple moving average is $7.11 and its 200 day simple moving average is $9.36. Iris Energy has a 1 year low of $5.13 and a 1 year high of $15.92.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.06). Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. The company had revenue of $148.10 million for the quarter, compared to analyst estimates of $153.38 million. On average, equities analysts predict that Iris Energy will post 0.43 EPS for the current year.

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.