Iris Energy (NASDAQ:IREN) Coverage Initiated at Sanford C. Bernstein

Equities research analysts at Sanford C. Bernstein assumed coverage on shares of Iris Energy (NASDAQ:IREN) in a report released on Wednesday, Briefing.com reports. The brokerage set an “outperform” rating and a $26.00 price target on the stock. Sanford C. Bernstein’s target price would indicate a potential upside of 102.81% from the company’s current price.

IREN has been the subject of several other research reports. B. Riley lifted their price target on shares of Iris Energy from $9.50 to $18.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Cantor Fitzgerald raised shares of Iris Energy to a “strong-buy” rating in a research note on Wednesday, June 12th. JPMorgan Chase & Co. lifted their price target on shares of Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price target on shares of Iris Energy in a research note on Thursday, May 16th. Finally, Canaccord Genuity Group lifted their price target on shares of Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $17.71.

Iris Energy Stock Performance

Shares of NASDAQ:IREN opened at $12.82 on Wednesday. Iris Energy has a 1 year low of $2.79 and a 1 year high of $15.75. The business has a 50 day simple moving average of $9.59 and a two-hundred day simple moving average of $6.97.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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. As a group, equities research analysts predict that Iris Energy will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

A number of large investors have recently bought and sold shares of IREN. Tucker Asset Management LLC bought a new position in Iris Energy in the third quarter worth approximately $47,000. Exchange Traded Concepts LLC grew its holdings in Iris Energy by 47.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock worth $4,389,000 after purchasing an additional 196,635 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Iris Energy by 52.4% in the fourth 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 last quarter. Vontobel Holding Ltd. grew its holdings in Iris Energy by 123.2% in the fourth quarter. Vontobel Holding Ltd. now owns 62,791 shares of the company’s stock worth $449,000 after purchasing an additional 34,662 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings 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 worth $10,624,000 after purchasing an additional 368,140 shares during the last quarter. Institutional investors 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.