Canaccord Genuity Group Forecasts Strong Price Appreciation for Iris Energy (NASDAQ:IREN) Stock

Iris Energy (NASDAQ:IREN) had its price objective upped by Canaccord Genuity Group from $15.00 to $17.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 37.10% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Compass Point dropped their target price on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price target on shares of Iris Energy in a report on Wednesday, October 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 price target for the company. Roth Capital raised Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Finally, HC Wainwright boosted their price objective on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $16.33.

Iris Energy Stock Up 29.7 %

Shares of NASDAQ:IREN opened at $12.40 on Wednesday. Iris Energy has a fifty-two week low of $3.56 and a fifty-two week high of $15.75. The firm’s 50-day simple moving average is $9.42 and its 200-day simple moving average is $9.48.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in shares of Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after buying an additional 264,883 shares during the period. Sender Co & Partners Inc. acquired a new stake in Iris Energy during the 3rd quarter valued at $561,000. Continuum Advisory LLC purchased a new stake in Iris Energy during the 3rd quarter worth $430,000. Y Intercept Hong Kong Ltd increased its stake in Iris Energy by 592.2% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock worth $1,745,000 after buying an additional 176,843 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new position in Iris Energy in the 3rd quarter valued at about $760,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.