Cowen Lowers Iris Energy (NASDAQ:IREN) to Market Perform

Cowen lowered shares of Iris Energy (NASDAQ:IRENGet Rating) to a market perform rating in a report issued on Thursday morning, Stock Target Advisor reports.

A number of other brokerages have also commented on IREN. HC Wainwright assumed coverage on shares of Iris Energy in a report on Tuesday, August 30th. They issued a buy rating and a $7.00 price target on the stock. Compass Point raised shares of Iris Energy from a neutral rating to a buy rating and increased their target price for the company from $6.00 to $6.50 in a report on Wednesday, September 14th. Citigroup reduced their target price on shares of Iris Energy from $8.00 to $6.00 and set a buy rating on the stock in a report on Thursday, September 15th. Cowen lowered shares of Iris Energy from an outperform rating to a market perform rating in a report on Thursday. Finally, Cantor Fitzgerald reduced their target price on shares of Iris Energy from $22.00 to $7.00 in a report on Thursday, September 15th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Iris Energy presently has a consensus rating of Moderate Buy and an average price target of $18.75.

Iris Energy Trading Up 1.0 %

Shares of NASDAQ:IREN opened at $4.04 on Thursday. The company’s fifty day moving average price is $4.54 and its 200-day moving average price is $7.27. Iris Energy has a one year low of $2.89 and a one year high of $28.25. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.88 and a quick ratio of 1.88.

Institutional Investors Weigh In On Iris Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Regal Partners Ltd purchased a new stake in shares of Iris Energy in the 2nd quarter worth about $12,653,000. Platinum Investment Management Ltd. lifted its position in shares of Iris Energy by 1.4% in the 2nd quarter. Platinum Investment Management Ltd. now owns 2,773,913 shares of the company’s stock worth $9,293,000 after purchasing an additional 37,179 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Iris Energy by 2.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 652,265 shares of the company’s stock worth $10,221,000 after purchasing an additional 14,735 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Iris Energy in the 4th quarter worth about $7,194,000. Finally, Van ECK Associates Corp lifted its position in shares of Iris Energy by 35.6% in the 2nd quarter. Van ECK Associates Corp now owns 356,536 shares of the company’s stock worth $1,194,000 after purchasing an additional 93,540 shares during the period. 9.71% of the stock is owned by hedge funds and other institutional investors.

About Iris Energy

(Get Rating)

Iris Energy Limited operates as a bitcoin mining company. The company was incorporated in 2018 and is based in Sydney, Australia.

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Analyst Recommendations for Iris Energy (NASDAQ:IREN)

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