Iris Energy (NASDAQ:IREN) Shares Gap Up After Analyst Upgrade

Iris Energy Limited (NASDAQ:IREN)’s share price gapped up prior to trading on Thursday after Macquarie raised their price target on the stock from $13.50 to $19.00. The stock had previously closed at $14.27, but opened at $15.01. Macquarie currently has an outperform rating on the stock. Iris Energy shares last traded at $14.55, with a volume of 4,568,849 shares traded.

Several other research analysts have also commented on the stock. HC Wainwright raised their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Cantor Fitzgerald raised their target price on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Canaccord Genuity Group upped their price target on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Compass Point cut their price objective 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. Finally, Roth Mkm assumed coverage on Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price for the company. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $16.94.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently bought and sold shares of IREN. Cambridge Investment Research Advisors Inc. grew its position in shares of Iris Energy by 1,521.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock worth $2,123,000 after buying an additional 176,451 shares in the last quarter. MKP Capital Management L.L.C. bought a new stake in shares of Iris Energy in the 2nd quarter worth about $3,139,000. X Square Capital LLC acquired a new stake in shares of Iris Energy in the 2nd quarter valued at about $508,000. VitalStone Financial LLC lifted its position in shares of Iris Energy by 467.1% during the second quarter. VitalStone Financial LLC now owns 79,285 shares of the company’s stock worth $895,000 after purchasing an additional 65,305 shares during the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd acquired a new position in Iris Energy in the second quarter worth about $779,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Iris Energy Stock Down 0.8 %

The company has a fifty day moving average of $10.01 and a two-hundred day moving average of $9.79.

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.