Iris Energy (NASDAQ:IREN) Trading 6.6% Higher – Here’s Why

Iris Energy Limited (NASDAQ:IREN) shares were up 6.6% during mid-day trading on Thursday . The stock traded as high as $12.32 and last traded at $12.43. Approximately 8,805,384 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 14,177,004 shares. The stock had previously closed at $11.66.

Wall Street Analyst Weigh In

IREN has been the subject of several recent analyst reports. JPMorgan Chase & Co. restated a “neutral” rating and issued a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. BTIG Research began coverage on Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective on the stock. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. B. Riley raised their price target on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Cantor Fitzgerald upped their price objective on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Stock Up 3.2 %

The stock’s 50 day moving average is $11.71 and its 200 day moving average is $9.96.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. Equities analysts anticipate that Iris Energy Limited will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

Several hedge funds have recently modified their holdings of the company. Marshall Wace LLP increased its stake in Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after acquiring an additional 576,726 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Iris Energy during the 2nd quarter valued at $9,969,000. Regal Partners Ltd lifted its holdings in shares of Iris Energy by 2.7% during the 3rd quarter. Regal Partners Ltd now owns 875,303 shares of the company’s stock valued at $7,388,000 after acquiring an additional 23,132 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Iris Energy by 56.3% in the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after purchasing an additional 264,883 shares in the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.