Analysts Set Iris Energy Limited (NASDAQ:IREN) Price Target at $15.63

Iris Energy Limited (NASDAQ:IREN) has been assigned an average recommendation of “Moderate Buy” from the nine brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $15.63.

IREN has been the topic of a number of analyst reports. B. Riley lowered their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Sanford C. Bernstein started coverage on shares of Iris Energy in a report on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price target on the stock. Needham & Company LLC assumed coverage on shares of Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. HC Wainwright decreased their price objective on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Finally, Macquarie upped their target price on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a report on Friday, August 30th.

Iris Energy Stock Performance

NASDAQ:IREN opened at $8.85 on Monday. The business has a fifty day moving average price of $8.21 and a 200-day moving average price of $8.15. Iris Energy has a one year low of $2.79 and a one year high of $15.75.

Hedge Funds Weigh In On Iris Energy

Several institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP boosted its holdings 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 last quarter. Vident Advisory LLC boosted its stake in Iris Energy by 58.0% during the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after buying an additional 717,843 shares during the last quarter. Van ECK Associates Corp grew its holdings in Iris Energy by 23.7% during the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after buying an additional 351,774 shares in the last quarter. D1 Capital Partners L.P. bought a new stake in Iris Energy in the 2nd quarter worth approximately $17,319,000. Finally, Hood River Capital Management LLC purchased a new stake in shares of Iris Energy during the 2nd quarter worth approximately $13,618,000. 41.08% of the stock is owned by hedge funds and other 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.