Canaccord Genuity Group Raises Iris Energy (NASDAQ:IREN) Price Target to $15.00

Iris Energy (NASDAQ:IREN) had its price target lifted by Canaccord Genuity Group from $12.00 to $15.00 in a report published on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on IREN. Cantor Fitzgerald upgraded shares of Iris Energy to a strong-buy rating in a report on Wednesday, June 12th. Sanford C. Bernstein assumed coverage on Iris Energy in a report on Wednesday, July 10th. They set an outperform rating and a $26.00 target price for the company. JPMorgan Chase & Co. boosted their price target on Iris Energy from $10.00 to $11.00 and gave the company an overweight rating in a report on Tuesday, June 4th. HC Wainwright reiterated a buy rating and set a $10.00 price objective on shares of Iris Energy in a report on Thursday, May 16th. Finally, B. Riley cut their target price on Iris Energy from $18.00 to $17.00 and set a buy rating on the stock in a research note on Friday, July 12th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $17.83.

Iris Energy Stock Up 1.2 %

Shares of Iris Energy stock opened at $9.54 on Wednesday. The stock’s fifty day simple moving average is $11.18 and its 200 day simple moving average is $7.31. Iris Energy has a 12 month low of $2.79 and a 12 month high of $15.75.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, May 15th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The firm had revenue of $54.35 million during the quarter, compared to the consensus estimate of $58.41 million. As a group, research analysts anticipate that Iris Energy will post -0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. increased its position in shares of Iris Energy by 1,521.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock worth $2,123,000 after purchasing an additional 176,451 shares during the last quarter. Goldentree Asset Management LP acquired a new stake in shares of Iris Energy in the first quarter valued at approximately $626,000. PEAK6 Investments LLC bought a new position in shares of Iris Energy during the 1st quarter worth approximately $133,000. K2 Principal Fund L.P. acquired a new position in shares of Iris Energy during the 1st quarter worth approximately $675,000. Finally, Vident Advisory LLC raised its stake in Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after acquiring an additional 717,843 shares during the period. 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.