Iris Energy (NASDAQ:IREN) Shares Gap Up – Should You Buy?

Iris Energy Limited (NASDAQ:IREN) gapped up before the market opened on Friday . The stock had previously closed at $10.30, but opened at $10.74. Iris Energy shares last traded at $10.68, with a volume of 1,842,394 shares.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Macquarie boosted their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group boosted their price objective on Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. HC Wainwright upped their price target on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, BTIG Research started coverage on Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, nine have assigned 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 a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Stock Up 1.9 %

The business has a 50-day moving average of $11.80 and a 200-day moving average of $9.90.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.11). Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. Research analysts expect that Iris Energy Limited will post 0.11 EPS for the current year.

Hedge Funds Weigh In On Iris Energy

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. increased its stake in Iris Energy by 478.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 164,800 shares of the company’s stock valued at $1,861,000 after buying an additional 136,300 shares during the last quarter. Truist Financial Corp increased its stake in shares of 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 purchasing an additional 1,575 shares during the last quarter. Dana Investment Advisors Inc. purchased a new stake in shares of Iris Energy during the 2nd quarter worth approximately $161,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Iris Energy in the 2nd quarter worth approximately $203,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Iris Energy by 23.7% in the 3rd quarter. Exchange Traded Concepts LLC now owns 713,635 shares of the company’s stock worth $6,023,000 after buying an additional 136,643 shares during the period. 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.