Canaccord Genuity Group Forecasts Strong Price Appreciation for Iris Energy (NASDAQ:IREN) Stock

Iris Energy (NASDAQ:IREN) had its target price hoisted by Canaccord Genuity Group from $17.00 to $23.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also commented on the stock. Macquarie raised their price target on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright raised their target price on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday. Cantor Fitzgerald boosted their price target on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. BTIG Research initiated coverage on Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. Finally, B. Riley upped their target price on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Iris Energy presently has an average rating of “Moderate Buy” and an average price target of $20.70.

Iris Energy Stock Down 0.5 %

Shares of IREN stock opened at $13.01 on Thursday. Iris Energy has a 52 week low of $4.15 and a 52 week high of $15.92. The company has a 50-day simple moving average of $11.65 and a 200 day simple moving average of $9.99.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. Equities research analysts predict that Iris Energy will post 0.11 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in IREN. Stonebridge Financial Group LLC acquired a new stake in Iris Energy in the fourth quarter valued at approximately $29,000. HM Payson & Co. acquired a new stake in shares of Iris Energy during the 4th quarter valued at $30,000. R Squared Ltd bought a new stake in Iris Energy during the 4th quarter worth $37,000. Tower Research Capital LLC TRC increased its holdings in Iris Energy by 1,059.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after purchasing an additional 7,646 shares in the last quarter. Finally, Covestor Ltd bought a new position in Iris Energy in the third quarter valued at about $87,000. 41.08% of the stock is owned by institutional investors.

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.