Canaccord Genuity Group Issues Positive Forecast for Iris Energy (NASDAQ:IREN) Stock Price

Iris Energy (NASDAQ:IREN) had its price objective lifted by investment analysts at Canaccord Genuity Group from $17.00 to $23.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 76.79% from the company’s previous close.

A number of other analysts also recently weighed in on IREN. Cantor Fitzgerald increased their target price on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. B. Riley upped their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a report on Thursday. Finally, HC Wainwright increased their price target on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Iris Energy has an average rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Price Performance

Shares of Iris Energy stock opened at $13.01 on Thursday. Iris Energy has a twelve month low of $4.15 and a twelve month high of $15.92. The company’s fifty day moving average is $11.72 and its 200 day moving average is $9.95.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates 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%. Analysts expect that Iris Energy will post 0.11 EPS for the current year.

Hedge Funds Weigh In On Iris Energy

Several institutional investors have recently made changes to their positions in IREN. Stonebridge Financial Group LLC acquired a new stake in shares of Iris Energy in the 4th quarter valued at about $29,000. HM Payson & Co. bought a new position in Iris Energy in the fourth quarter worth approximately $30,000. R Squared Ltd acquired a new stake in Iris Energy in the fourth quarter valued at approximately $37,000. Covestor Ltd bought a new stake in shares of Iris Energy during the third quarter valued at approximately $87,000. Finally, Sippican Capital Advisors bought a new stake in shares of Iris Energy during the third quarter valued at approximately $94,000. Institutional investors and hedge funds 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.