Iris Energy (NASDAQ:IREN) Trading Up 6.9%

Iris Energy Limited (NASDAQ:IREN) shares traded up 6.9% during mid-day trading on Monday . The stock traded as high as $10.34 and last traded at $10.20. 1,897,222 shares were traded during trading, a decline of 84% from the average session volume of 12,209,091 shares. The stock had previously closed at $9.54.

Analyst Ratings Changes

Several research firms have issued reports on IREN. HC Wainwright restated a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a research note on Wednesday, July 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a research note on Wednesday, July 24th. JPMorgan Chase & Co. increased their price target on shares of Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. B. Riley dropped their price objective on shares of Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, July 12th. Finally, Canaccord Genuity Group increased their target price on shares of Iris Energy from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Iris Energy presently has an average rating of “Buy” and an average price target of $17.83.

Iris Energy Trading Up 1.3 %

The firm’s fifty day moving average is $11.18 and its 200-day moving average is $7.33.

Iris Energy (NASDAQ:IREN) last issued its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The firm had revenue of $54.35 million during the quarter, compared to analyst estimates of $58.41 million. As a group, analysts predict that Iris Energy Limited will post -0.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Several institutional investors have recently made changes to their positions in IREN. Vident Advisory LLC boosted its holdings in Iris Energy by 58.0% during the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after buying an additional 717,843 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Iris Energy by 32.9% in the 4th quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock worth $10,624,000 after acquiring an additional 368,140 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Iris Energy by 52.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock valued at $7,418,000 after purchasing an additional 356,752 shares in the last quarter. Quadrature Capital Ltd acquired a new position in Iris Energy during the fourth quarter worth $1,655,000. Finally, Cambridge Investment Research Advisors Inc. raised 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 worth $2,123,000 after purchasing an additional 176,451 shares during the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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.