Iris Energy (NASDAQ:IREN) Stock Rating Reaffirmed by Cantor Fitzgerald

Iris Energy (NASDAQ:IREN)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a report released on Thursday, Benzinga reports. They currently have a $10.00 price objective on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 81.82% from the stock’s previous close.

IREN has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price target on Iris Energy from $9.00 to $9.50 and gave the company an “overweight” rating in a report on Friday, December 8th. Canaccord Genuity Group boosted their price target on Iris Energy from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Thursday, February 22nd. Finally, B. Riley cut their price objective on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a report on Friday, March 15th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $12.00.

Iris Energy Trading Up 2.4 %

Shares of NASDAQ:IREN traded up $0.13 during midday trading on Thursday, hitting $5.50. The company had a trading volume of 8,734,344 shares, compared to its average volume of 8,770,596. The company has a fifty day moving average of $5.34 and a two-hundred day moving average of $4.82. Iris Energy has a 12-month low of $2.70 and a 12-month high of $9.69.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Thursday, February 15th. The company reported ($0.07) earnings per share for the quarter. The business had revenue of $42.57 million for the quarter, compared to analyst estimates of $37.58 million. Sell-side analysts forecast that Iris Energy will post -0.01 EPS for the current year.

Institutional Trading of Iris Energy

A number of large investors have recently added to or reduced their stakes in IREN. Allianz Asset Management GmbH boosted its position in shares of Iris Energy by 29.5% during the 1st quarter. Allianz Asset Management GmbH now owns 288,547 shares of the company’s stock valued at $4,522,000 after acquiring an additional 65,761 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Iris Energy by 54.5% in the 1st quarter. First Trust Advisors LP now owns 150,846 shares of the company’s stock valued at $2,364,000 after acquiring an additional 53,226 shares during the last quarter. UBS Group AG grew its position in Iris Energy by 62,871.4% in the first quarter. UBS Group AG now owns 4,408 shares of the company’s stock worth $69,000 after acquiring an additional 4,401 shares in the last quarter. Invesco Ltd. bought a new stake in Iris Energy during the first quarter worth approximately $214,000. Finally, Vident Investment Advisory LLC purchased a new stake in Iris Energy during the first quarter valued at approximately $1,335,000. 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.