Iris Energy (NASDAQ:IREN) Receives Overweight Rating from Cantor Fitzgerald

Iris Energy (NASDAQ:IREN)‘s stock had its “overweight” rating reiterated by equities research analysts at Cantor Fitzgerald in a research report issued on Thursday, Benzinga reports. They currently have a $20.00 price objective on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 163.50% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. Needham & Company LLC began coverage on shares of Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. Compass Point lowered their price objective on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Macquarie upped their target price on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. lowered their price target on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. Finally, Canaccord Genuity Group restated a “buy” rating and set a $15.00 price target on shares of Iris Energy in a research note on Thursday, August 29th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Iris Energy has a consensus rating of “Buy” and an average target price of $15.44.

Iris Energy Stock Performance

Shares of IREN stock traded down $0.21 during mid-day trading on Thursday, hitting $7.59. 4,377,540 shares of the stock traded hands, compared to its average volume of 12,500,212. Iris Energy has a 52-week low of $2.79 and a 52-week high of $15.75. The stock’s fifty day moving average is $8.03 and its two-hundred day moving average is $8.20.

Institutional Trading of Iris Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP lifted its stake 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. Vident Advisory LLC boosted its stake in shares of Iris Energy by 58.0% during the 1st 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 boosted its stake in shares of Iris Energy by 23.7% during the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after acquiring an additional 351,774 shares in the last quarter. D1 Capital Partners L.P. acquired a new stake in shares of Iris Energy during the 2nd quarter valued at about $17,319,000. Finally, Hood River Capital Management LLC purchased a new position in shares of Iris Energy in the 2nd quarter valued at about $13,618,000. 41.08% of the stock is 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.