Iris Energy (NASDAQ:IREN) Rating Reiterated by HC Wainwright

Iris Energy (NASDAQ:IREN)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a note issued to investors on Wednesday, Benzinga reports. They currently have a $15.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 59.07% from the company’s previous close. HC Wainwright also issued estimates for Iris Energy’s Q4 2024 earnings at $0.00 EPS.

Several other brokerages also recently weighed in on IREN. B. Riley decreased their target price on Iris Energy from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, July 12th. Sanford C. Bernstein started coverage on shares of Iris Energy in a research note on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on shares of Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. Canaccord Genuity Group raised their price target on shares of Iris Energy from $12.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Cantor Fitzgerald raised shares of Iris Energy to a “strong-buy” rating in a research report on Wednesday, June 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Iris Energy currently has an average rating of “Buy” and an average price target of $17.83.

Iris Energy Price Performance

NASDAQ:IREN opened at $9.43 on Wednesday. The company’s 50 day moving average is $11.03 and its 200-day moving average is $7.28. Iris Energy has a 12 month low of $2.79 and a 12 month high of $15.75.

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

Hedge Funds Weigh In On Iris Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vident Advisory LLC raised its position in Iris Energy by 58.0% in the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after purchasing an additional 717,843 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Iris Energy by 23.7% in the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after buying an additional 351,774 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted 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 buying an additional 356,752 shares during the period. Quadrature Capital Ltd boosted its stake in Iris Energy by 719.8% in the 4th quarter. Quadrature Capital Ltd now owns 232,312 shares of the company’s stock valued at $1,655,000 after buying an additional 203,976 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in Iris Energy in the first quarter valued at $893,000. 41.08% of the stock is owned by institutional investors.

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.