Iris Energy Limited (NASDAQ:IREN) Receives $15.44 Average Target Price from Brokerages

Iris Energy Limited (NASDAQ:IREN) has earned an average recommendation of “Buy” from the eleven research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $15.44.

A number of equities research analysts have issued reports on IREN shares. Macquarie increased their price target on Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Roth Mkm assumed coverage on Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. Needham & Company LLC assumed coverage on Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. JPMorgan Chase & Co. cut 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. Finally, HC Wainwright lowered their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, August 29th.

Iris Energy Price Performance

Shares of NASDAQ IREN opened at $9.28 on Friday. Iris Energy has a 1 year low of $2.79 and a 1 year high of $15.75. The firm has a fifty day moving average price of $8.04 and a 200-day moving average price of $8.52.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Russell Investments Group Ltd. bought a new stake in shares of Iris Energy in the 1st quarter valued at approximately $893,000. Central Asset Investments & Management Holdings HK Ltd bought a new stake in Iris Energy in the second quarter worth $779,000. Daiwa Securities Group Inc. bought a new stake in Iris Energy in the first quarter worth $446,000. Van ECK Associates Corp boosted its stake in Iris Energy by 23.7% during the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after buying an additional 351,774 shares during the period. Finally, VitalStone Financial LLC increased its position in Iris Energy by 95.1% during the third quarter. VitalStone Financial LLC now owns 154,681 shares of the company’s stock valued at $1,306,000 after acquiring an additional 75,396 shares during the last quarter. Hedge funds and other 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.