B. Riley Cuts Iris Energy (NASDAQ:IREN) Price Target to $17.00

Iris Energy (NASDAQ:IREN) had its price target trimmed by B. Riley from $18.00 to $17.00 in a research note published on Friday, Benzinga reports. The firm currently has a buy rating on the stock. B. Riley also issued estimates for Iris Energy’s Q4 2024 earnings at $0.01 EPS, FY2024 earnings at $0.00 EPS and FY2025 earnings at $0.54 EPS.

A number of other equities research analysts have also recently commented on the stock. Sanford C. Bernstein began coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They issued an outperform rating and a $26.00 target price for the company. Canaccord Genuity Group raised their target price on shares of Iris Energy from $9.00 to $12.00 and gave the stock a buy rating in a research note on Thursday, May 16th. HC Wainwright restated a buy rating and issued a $10.00 price target on shares of Iris Energy in a research report on Thursday, May 16th. JPMorgan Chase & Co. boosted their price objective on Iris Energy from $10.00 to $11.00 and gave the stock an overweight rating in a research note on Tuesday, June 4th. Finally, Cantor Fitzgerald raised Iris Energy to a strong-buy rating in a research note on Wednesday, June 12th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Iris Energy currently has an average rating of Buy and an average price target of $17.57.

Iris Energy Price Performance

IREN stock opened at $12.31 on Friday. Iris Energy has a 52 week low of $2.79 and a 52 week high of $15.75. The firm has a 50-day simple moving average of $10.04 and a 200-day simple moving average of $7.04.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, May 15th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The business had revenue of $54.35 million during the quarter, compared to analyst estimates of $58.41 million.

Institutional Trading of Iris Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Exchange Traded Concepts LLC boosted its stake in Iris Energy by 47.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock worth $4,389,000 after buying an additional 196,635 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Iris Energy by 52.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after purchasing an additional 356,752 shares during the period. Vontobel Holding Ltd. increased its holdings in Iris Energy by 123.2% in the 4th quarter. Vontobel Holding Ltd. now owns 62,791 shares of the company’s stock valued at $449,000 after purchasing an additional 34,662 shares during the last quarter. Van ECK Associates Corp raised its position in Iris Energy by 32.9% in the fourth quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock valued at $10,624,000 after purchasing an additional 368,140 shares during the period. Finally, Counterpoint Mutual Funds LLC purchased a new stake in Iris Energy in the fourth quarter valued at approximately $84,000. 41.08% of the stock is owned by institutional investors and hedge funds.

About Iris Energy

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