Iris Energy Limited (NASDAQ:IREN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Iris Energy Limited (NASDAQ:IREN) have earned an average rating of “Moderate Buy” from the twelve brokerages that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $19.50.

Several analysts recently commented on IREN shares. Roth Mkm initiated coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective on the stock. HC Wainwright raised their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $15.00 price objective (up from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Finally, Cantor Fitzgerald upped their price target on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th.

Iris Energy Price Performance

Iris Energy stock opened at $11.34 on Wednesday. Iris Energy has a 12 month low of $3.56 and a 12 month high of $15.92. The business’s fifty day simple moving average is $11.52 and its two-hundred day simple moving average is $10.12.

Institutional Investors Weigh In On Iris Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. increased its holdings in Iris Energy by 1,521.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock valued at $2,123,000 after buying an additional 176,451 shares during the last quarter. MKP Capital Management L.L.C. purchased a new stake in shares of Iris Energy in the 2nd quarter worth $3,139,000. X Square Capital LLC bought a new position in Iris Energy in the 2nd quarter worth $508,000. VitalStone Financial LLC lifted its position in Iris Energy by 467.1% during the second quarter. VitalStone Financial LLC now owns 79,285 shares of the company’s stock valued at $895,000 after purchasing an additional 65,305 shares in the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new stake in Iris Energy during the second quarter valued at about $779,000. Hedge funds and other 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.