Iris Energy Limited (NASDAQ:IREN) Receives $6.70 Consensus Price Target from Analysts

Shares of Iris Energy Limited (NASDAQ:IREN – Get Rating) have received a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $6.70.

IREN has been the subject of a number of research analyst reports. Cantor Fitzgerald upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $4.00 to $7.00 in a report on Friday, May 12th. B. Riley upped their price objective on shares of Iris Energy from $4.00 to $5.00 in a report on Tuesday, April 25th. HC Wainwright upgraded shares of Iris Energy from a “neutral” rating to a “buy” rating and boosted their target price for the company from $3.00 to $8.00 in a research note on Thursday, February 16th. Compass Point boosted their target price on shares of Iris Energy from $6.50 to $11.00 and gave the company a “buy” rating in a research note on Friday, April 14th. Finally, Canaccord Genuity Group reduced their price objective on shares of Iris Energy from $14.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, February 17th.

Iris Energy Stock Performance

Shares of IREN opened at $3.49 on Friday. Iris Energy has a fifty-two week low of $1.02 and a fifty-two week high of $6.94. The firm’s 50-day simple moving average is $3.61 and its two-hundred day simple moving average is $2.58.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP acquired a new stake in shares of Iris Energy during the first quarter worth approximately $660,000. Two Sigma Securities LLC bought a new stake in Iris Energy in the first quarter valued at $32,000. Boothbay Fund Management LLC bought a new stake in Iris Energy in the first quarter valued at $509,000. BlackRock Inc. bought a new stake in shares of Iris Energy during the first quarter valued at about $171,000. Finally, HRT Financial LP bought a new stake in shares of Iris Energy during the first quarter valued at about $152,000. Institutional investors and hedge funds own 14.88% of the company’s stock.

About Iris Energy

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Iris Energy Limited owns and operates bitcoin mining data centers in Canada, the United States, and the Asia-Pacific. The company was incorporated in 2018 and is headquartered in Sydney, Australia.