JPMorgan Chase & Co. Reaffirms Neutral Rating for Iris Energy (NASDAQ:IREN)

JPMorgan Chase & Co. restated their neutral rating on shares of Iris Energy (NASDAQ:IREN) in a research report report published on Tuesday, Marketbeat Ratings reports. The firm currently has a $15.00 price target on the stock, up from their prior price target of $9.50.

IREN has been the subject of a number of other research reports. Compass Point reduced their price objective on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. B. Riley cut their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Canaccord Genuity Group boosted their price target on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Macquarie raised their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Cantor Fitzgerald boosted their target price on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Iris Energy has a consensus rating of “Moderate Buy” and an average price target of $17.56.

Iris Energy Stock Performance

NASDAQ:IREN opened at $13.43 on Tuesday. The firm has a 50-day simple moving average of $10.61 and a 200-day simple moving average of $10.02. Iris Energy has a one year low of $3.56 and a one year high of $15.92.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Central Asset Investments & Management Holdings HK Ltd acquired a new position in shares of Iris Energy during the second quarter valued at about $779,000. Van ECK Associates Corp grew its position in Iris Energy by 56.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after purchasing an additional 576,726 shares during the last quarter. Main Management ETF Advisors LLC acquired a new position in Iris Energy during the 3rd quarter valued at approximately $760,000. Vontobel Holding Ltd. raised its holdings in shares of Iris Energy by 123.1% in the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after buying an additional 27,212 shares during the last quarter. Finally, Creative Planning raised its holdings in shares of Iris Energy by 71.2% in the third quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after buying an additional 190,300 shares during the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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.