Iris Energy Limited (NASDAQ:IREN) Receives $19.50 Consensus PT from Analysts

Shares of Iris Energy Limited (NASDAQ:IREN) have earned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $19.50.

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Roth Mkm began coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target on the stock. BTIG Research assumed coverage on Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective for the company. Cantor Fitzgerald upped their target price on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Finally, Macquarie lifted their target price on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Iris Energy Stock Performance

Shares of IREN opened at $11.34 on Wednesday. The business has a 50-day moving average of $11.52 and a 200-day moving average of $10.17. Iris Energy has a 1 year low of $3.56 and a 1 year high of $15.92.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Truist Financial Corp increased its holdings in Iris Energy by 3.2% during the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after purchasing an additional 1,575 shares in the last quarter. Chesapeake Capital Corp IL raised its position in Iris Energy by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock valued at $157,000 after buying an additional 3,861 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in Iris Energy by 13.2% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock valued at $473,000 after acquiring an additional 6,347 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Iris Energy by 28.3% during the 3rd quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock worth $309,000 after acquiring an additional 8,092 shares during the last quarter. Finally, Bluefin Capital Management LLC bought a new stake in shares of Iris Energy in the 2nd quarter worth $113,000. Institutional investors and hedge funds 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.