Iris Energy’s (IREN) Buy Rating Reiterated at Canaccord Genuity Group

Iris Energy (NASDAQ:IREN)‘s stock had its “buy” rating restated by analysts at Canaccord Genuity Group in a report released on Monday, Benzinga reports. They currently have a $9.00 price target on the stock. Canaccord Genuity Group’s target price points to a potential upside of 74.42% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Iris Energy in a research report on Thursday, March 28th. B. Riley dropped their target price on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Iris Energy in a research note on Tuesday, April 2nd. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Iris Energy presently has an average rating of “Buy” and an average target price of $12.00.

Iris Energy Trading Up 9.1 %

Shares of IREN traded up $0.43 during mid-day trading on Monday, reaching $5.16. The company’s stock had a trading volume of 7,420,750 shares, compared to its average volume of 8,977,070. Iris Energy has a 52 week low of $2.79 and a 52 week high of $9.69. The company’s fifty day moving average price is $5.24 and its two-hundred day moving average price is $5.08.

Iris Energy (NASDAQ:IREN) last posted 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. As a group, equities research analysts forecast that Iris Energy will post 0.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IREN. Counterpoint Mutual Funds LLC purchased a new position in Iris Energy during the fourth quarter valued at approximately $84,000. Tucker Asset Management LLC purchased a new position in shares of Iris Energy during the 3rd quarter valued at $47,000. CCG Wealth Management LLC purchased a new position in shares of Iris Energy during the 1st quarter valued at $72,000. Olympiad Research LP bought a new position in Iris Energy in the 4th quarter worth $173,000. Finally, Chesapeake Capital Corp IL purchased a new stake in Iris Energy in the 4th quarter worth $221,000. 41.08% of the stock is owned by hedge funds and other 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.