Iris Energy’s (IREN) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Iris Energy (NASDAQ:IREN)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a report issued on Wednesday, Benzinga reports. They currently have a $20.00 price objective on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 89.21% from the stock’s previous close.

A number of other brokerages also recently weighed in on IREN. Macquarie upped their price target on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. Roth Mkm assumed coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective for the company. JPMorgan Chase & Co. reduced their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. B. Riley reduced their price objective on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $15.00 price objective on shares of Iris Energy in a research note on Thursday, August 29th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $15.44.

Iris Energy Price Performance

NASDAQ IREN traded up $0.02 on Wednesday, reaching $10.57. The company’s stock had a trading volume of 9,036,782 shares, compared to its average volume of 12,951,456. Iris Energy has a twelve month low of $2.79 and a twelve month high of $15.75. The firm’s 50 day moving average is $8.23 and its two-hundred day moving average is $8.69.

Hedge Funds Weigh In On Iris Energy

A number of large investors have recently made changes to their positions in the business. Bluefin Capital Management LLC acquired a new position in Iris Energy in the second quarter worth approximately $113,000. AFG Fiduciary Services Limited Partnership acquired a new position in Iris Energy in the third quarter worth approximately $77,000. Sippican Capital Advisors acquired a new position in Iris Energy in the third quarter worth approximately $94,000. Seven Eight Capital LP acquired a new position in Iris Energy in the second quarter worth approximately $146,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Iris Energy in the second quarter worth approximately $149,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.