Brokerages Set Iris Energy Limited (NASDAQ:IREN) Target Price at $19.50

Iris Energy Limited (NASDAQ:IREN) has earned a consensus recommendation of “Moderate Buy” from the twelve analysts that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $19.50.

Several equities analysts have recently issued reports on IREN shares. BTIG Research assumed coverage on Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company. Macquarie upped their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $15.00 target price (up from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Finally, Cantor Fitzgerald lifted their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th.

Iris Energy Stock Down 3.3 %

Shares of IREN stock opened at $11.38 on Wednesday. Iris Energy has a 52-week low of $3.56 and a 52-week high of $15.92. The company has a 50-day simple moving average of $11.55 and a two-hundred day simple moving average of $10.09.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. D1 Capital Partners L.P. bought a new stake in Iris Energy during the 2nd quarter valued at $17,319,000. Hood River Capital Management LLC bought a new stake in shares of Iris Energy during the 2nd quarter valued at $13,618,000. Marshall Wace LLP raised its stake in shares of Iris Energy by 33.6% during the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares during the period. Bank of Montreal Can purchased a new stake in Iris Energy during the 2nd quarter worth about $9,969,000. Finally, Van ECK Associates Corp boosted its stake in Iris Energy by 56.1% in the 3rd 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 period. 41.08% of the stock is owned by 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.