Iris Energy Limited (NASDAQ:IREN) Receives Average Rating of “Buy” from Brokerages

Shares of Iris Energy Limited (NASDAQ:IREN) have been given an average recommendation of “Buy” by the eleven analysts that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $15.44.

A number of analysts recently commented on the company. Needham & Company LLC initiated coverage on Iris Energy in a research report on Wednesday, September 4th. They set a “hold” rating for the company. JPMorgan Chase & Co. reduced their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research report on Friday, August 23rd. B. Riley dropped their price objective 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. HC Wainwright cut their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 price target on shares of Iris Energy in a research report on Thursday, August 29th.

Iris Energy Stock Down 4.3 %

NASDAQ:IREN opened at $8.95 on Friday. The company has a 50 day simple moving average of $7.92 and a two-hundred day simple moving average of $8.41. Iris Energy has a 12 month low of $2.79 and a 12 month high of $15.75.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors and hedge funds have recently bought and sold shares of IREN. CCG Wealth Management LLC purchased a new stake in Iris Energy during the 1st quarter valued at approximately $72,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Iris Energy in the 1st quarter valued at $502,000. Van ECK Associates Corp lifted its stake in Iris Energy by 23.7% in the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after purchasing an additional 351,774 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in Iris Energy in the 1st quarter worth $446,000. Finally, VitalStone Financial LLC boosted its holdings in shares of Iris Energy by 373.9% during the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after purchasing an additional 11,030 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

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.