Iris Energy (NASDAQ:IREN) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Iris Energy (NASDAQ:IREN) had its target price boosted by research analysts at Canaccord Genuity Group from $15.00 to $17.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 77.82% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. dropped their target price on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price objective on shares of Iris Energy in a report on Wednesday, October 30th. B. Riley reduced their target price on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Compass Point decreased their price target on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Finally, HC Wainwright lifted their price target on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $16.00.

Iris Energy Stock Down 8.2 %

NASDAQ IREN opened at $9.56 on Wednesday. Iris Energy has a fifty-two week low of $3.41 and a fifty-two week high of $15.75. The firm’s fifty day moving average price is $9.29 and its two-hundred day moving average price is $9.43.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently bought and sold shares of the company. Truist Financial Corp grew its holdings in Iris Energy by 3.2% during the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after acquiring an additional 1,575 shares during the period. Chesapeake Capital Corp IL lifted its stake in shares of Iris Energy by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock valued at $157,000 after purchasing an additional 3,861 shares during the period. Chicago Partners Investment Group LLC boosted its position in shares of Iris Energy by 13.2% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock valued at $473,000 after purchasing an additional 6,347 shares in the last quarter. Wellington Management Group LLP grew its stake in Iris Energy by 28.3% during the third quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock worth $309,000 after purchasing an additional 8,092 shares during the period. Finally, Bluefin Capital Management LLC bought a new stake in Iris Energy in the second quarter worth approximately $113,000. Institutional investors own 41.08% of the company’s stock.

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.