Iris Energy (NASDAQ:IREN) Now Covered by Analysts at Roth Mkm

Stock analysts at Roth Mkm initiated coverage on shares of Iris Energy (NASDAQ:IREN) in a research note issued to investors on Wednesday, Briefing.com reports. The firm set a “buy” rating and a $14.00 price target on the stock. Roth Mkm’s price objective indicates a potential upside of 81.11% from the company’s current price.

Several other research firms have also recently issued reports on IREN. Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a report on Thursday, August 29th. Needham & Company LLC began coverage on Iris Energy in a research report on Wednesday, September 4th. They issued a “hold” rating for the company. Sanford C. Bernstein initiated coverage on shares of Iris Energy in a research note on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price target on the stock. JPMorgan Chase & Co. dropped their target price on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Finally, Cantor Fitzgerald lowered their target price on Iris Energy from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 29th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Iris Energy currently has an average rating of “Moderate Buy” and an average price target of $15.44.

Iris Energy Stock Performance

Shares of IREN stock opened at $7.73 on Wednesday. The stock’s fifty day moving average price is $8.14 and its 200 day moving average price is $8.18. Iris Energy has a 1-year low of $2.79 and a 1-year high of $15.75.

Institutional Investors Weigh In On Iris Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. D1 Capital Partners L.P. bought a new stake in Iris Energy during the 2nd quarter valued at $17,319,000. Hood River Capital Management LLC acquired a new stake in shares of Iris Energy in the second quarter worth $13,618,000. Marshall Wace LLP increased its holdings in shares of Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares during the period. Bank of Montreal Can acquired a new stake in shares of Iris Energy during the 2nd quarter valued at $9,969,000. Finally, Vident Advisory LLC grew its stake in Iris Energy by 58.0% in the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after purchasing an additional 717,843 shares in the last quarter. 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.