Iris Energy (NASDAQ:IREN) Shares Up 9.3%

Iris Energy Limited (NASDAQ:IREN)’s stock price traded up 9.3% on Tuesday . The stock traded as high as $13.81 and last traded at $13.79. 7,515,019 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 11,008,062 shares. The stock had previously closed at $12.62.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on IREN shares. Cantor Fitzgerald upgraded Iris Energy to a “strong-buy” rating in a research report on Wednesday, June 12th. B. Riley boosted their price objective on shares of Iris Energy from $9.50 to $18.00 and gave the company a “buy” rating in a report on Monday, June 24th. Canaccord Genuity Group increased their target price on shares of Iris Energy from $9.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, May 16th. HC Wainwright reissued a “buy” rating and set a $10.00 price target on shares of Iris Energy in a research report on Thursday, May 16th. Finally, JPMorgan Chase & Co. upped 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. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $16.33.

Iris Energy Stock Down 0.3 %

The firm has a fifty day moving average price of $8.84 and a 200 day moving average price of $6.76.

Iris Energy (NASDAQ:IREN) last posted its quarterly 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 company had revenue of $54.35 million during the quarter, compared to analyst estimates of $58.41 million. Analysts forecast that Iris Energy Limited will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IREN. Counterpoint Mutual Funds LLC bought a new position in shares of Iris Energy in the fourth quarter valued at about $84,000. Tucker Asset Management LLC bought a new position in Iris Energy in the 3rd quarter valued at about $47,000. CCG Wealth Management LLC acquired a new stake in Iris Energy during the first quarter worth approximately $72,000. VitalStone Financial LLC boosted its holdings in shares of Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares during the period. Finally, Olympiad Research LP bought a new stake in shares of Iris Energy during the fourth quarter worth approximately $173,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.