Iris Energy (NASDAQ:IREN) Trading 4.1% Higher

Iris Energy Limited (NASDAQ:IREN) traded up 4.1% during trading on Friday . The stock traded as high as $7.85 and last traded at $7.78. 894,508 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 12,269,016 shares. The stock had previously closed at $7.47.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on IREN shares. JPMorgan Chase & Co. boosted their price objective on shares of Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. B. Riley dropped their price target on Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Friday, July 12th. Canaccord Genuity Group boosted their price objective on Iris Energy from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. HC Wainwright restated a “buy” rating and set a $15.00 price objective on shares of Iris Energy in a research note on Wednesday, July 24th. Finally, Sanford C. Bernstein started coverage on Iris Energy in a research note on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Iris Energy has an average rating of “Buy” and an average target price of $17.83.

Iris Energy Price Performance

The business has a fifty day moving average of $11.25 and a 200-day moving average of $7.64.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share (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 the consensus estimate of $58.41 million. On average, analysts anticipate that Iris Energy Limited will post -0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Several institutional investors have recently bought and sold shares of the stock. VitalStone Financial LLC raised its position in shares of Iris Energy by 373.9% during the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after buying an additional 11,030 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in shares of Iris Energy during the fourth quarter worth $84,000. Jump Financial LLC raised its holdings in Iris Energy by 33.1% during the 4th quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock worth $353,000 after buying an additional 12,290 shares during the period. Seven Eight Capital LP purchased a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $146,000. Finally, CCG Wealth Management LLC acquired a new stake in shares of Iris Energy in the first quarter worth $72,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.