Iris Energy (NASDAQ:IREN) Stock Price Expected to Rise, HC Wainwright Analyst Says

Iris Energy (NASDAQ:IREN) had its price target lifted by HC Wainwright from $13.00 to $16.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 67.36% from the company’s previous close.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. reduced their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. 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. B. Riley reduced their price objective on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price objective on shares of Iris Energy in a research note on Wednesday, October 30th. Finally, Roth Mkm began coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price objective for the company. One 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 company’s stock. According to data from MarketBeat, Iris Energy presently has a consensus rating of “Buy” and a consensus price target of $15.78.

Iris Energy Trading Down 8.2 %

IREN opened at $9.56 on Wednesday. The firm’s 50 day simple moving average is $9.29 and its two-hundred day simple moving average is $9.43. Iris Energy has a 1-year low of $3.41 and a 1-year high of $15.75.

Hedge Funds Weigh In On Iris Energy

Institutional investors have recently bought and sold shares of the business. AFG Fiduciary Services Limited Partnership bought a new position in Iris Energy during the third quarter valued at $77,000. Covestor Ltd bought a new stake in shares of Iris Energy in the 3rd quarter worth about $87,000. Sippican Capital Advisors bought a new stake in shares of Iris Energy in the 3rd quarter worth about $94,000. Bluefin Capital Management LLC bought a new stake in shares of Iris Energy in the 2nd quarter worth about $113,000. Finally, PEAK6 Investments LLC bought a new stake in shares of Iris Energy in the 1st quarter worth about $133,000. Institutional investors own 41.08% of the company’s stock.

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.