Iris Energy (NASDAQ:IREN) Price Target Cut to $12.00

Iris Energy (NASDAQ:IREN) had its price target decreased by B. Riley from $17.00 to $12.00 in a report published on Friday, Benzinga reports. B. Riley currently has a buy rating on the stock.

Several other equities research analysts also recently weighed in on the stock. Cantor Fitzgerald reduced their price objective on shares of Iris Energy from $23.00 to $20.00 and set an overweight rating for the company in a report on Thursday, August 29th. JPMorgan Chase & Co. decreased their price objective on shares of Iris Energy from $11.00 to $9.50 and set an overweight rating for the company in a report on Friday, August 23rd. HC Wainwright lowered their price objective on shares of Iris Energy from $15.00 to $13.00 and set a buy rating on the stock in a research note on Thursday, August 29th. Sanford C. Bernstein initiated coverage on Iris Energy in a research report on Wednesday, July 10th. They issued an outperform rating and a $26.00 target price for the company. Finally, Macquarie lifted their price target on Iris Energy from $12.00 to $13.50 and gave the company an outperform rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Iris Energy presently has a consensus rating of Moderate Buy and a consensus price target of $15.63.

Iris Energy Stock Performance

IREN opened at $7.73 on Friday. Iris Energy has a 12 month low of $2.79 and a 12 month high of $15.75. The stock’s 50 day moving average price is $8.98 and its 200 day moving average price is $7.95.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently modified their holdings of the stock. Marshall Wace LLP increased its stake in Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after purchasing an additional 958,494 shares in the last quarter. Vident Advisory LLC increased its position in shares of 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 acquiring an additional 717,843 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Iris Energy by 23.7% during the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after acquiring an additional 351,774 shares during the period. D1 Capital Partners L.P. purchased a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $17,319,000. Finally, Hood River Capital Management LLC acquired a new position in Iris Energy in the 2nd quarter worth approximately $13,618,000. 41.08% of the stock is currently 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.