BTIG Research Initiates Coverage on Iris Energy (NASDAQ:IREN)

BTIG Research initiated coverage on shares of Iris Energy (NASDAQ:IREN) in a research note issued to investors on Friday morning, Marketbeat reports. The firm issued a buy rating and a $33.00 target price on the stock.

A number of other equities analysts have also commented on IREN. Macquarie raised their price target on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Compass Point cut their target price on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Roth Mkm began coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price objective for the company. Finally, Canaccord Genuity Group upped their target price on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Two equities research analysts have 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 has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Stock Performance

Shares of IREN stock opened at $11.81 on Friday. Iris Energy has a 12 month low of $3.56 and a 12 month high of $15.92. The firm’s 50 day moving average is $11.17 and its 200 day moving average is $10.24.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Iris Energy during the 2nd quarter worth $779,000. Main Management ETF Advisors LLC purchased a new stake in Iris Energy during the third quarter valued at about $760,000. Van ECK Associates Corp lifted its stake in Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after purchasing an additional 576,726 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of Iris Energy by 123.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after purchasing an additional 27,212 shares in the last quarter. Finally, Creative Planning increased its position in shares of Iris Energy by 71.2% during the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after purchasing an additional 190,300 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.