Iris Energy (NASDAQ:IREN) Stock Rating Lowered by Cowen

Cowen cut shares of Iris Energy (NASDAQ:IRENGet Rating) from an outperform rating to a market perform rating in a report published on Thursday, The Fly reports.

Other equities analysts also recently issued research reports about the stock. Citigroup cut their price target 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. Cantor Fitzgerald dropped their price objective on shares of Iris Energy from $22.00 to $7.00 in a research note on Thursday, September 15th. HC Wainwright assumed coverage on shares of Iris Energy in a research note on Tuesday, August 30th. They set a buy rating and a $7.00 price objective on the stock. Finally, Compass Point raised shares of Iris Energy from a neutral rating to a buy rating and raised their price objective for the stock from $6.00 to $6.50 in a research note on Wednesday, September 14th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Iris Energy has an average rating of Moderate Buy and an average target price of $18.75.

Iris Energy Trading Up 1.0 %

Shares of NASDAQ:IREN opened at $4.04 on Thursday. Iris Energy has a twelve month low of $2.89 and a twelve month high of $28.25. The company’s 50 day moving average is $4.54 and its 200 day moving average is $7.27. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.11.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IREN. Regal Partners Ltd purchased a new position in shares of Iris Energy during the 2nd quarter valued at approximately $12,653,000. Point72 Asset Management L.P. purchased a new position in Iris Energy in the 4th quarter valued at $7,194,000. Exchange Traded Concepts LLC purchased a new position in Iris Energy in the 1st quarter valued at $3,665,000. Allianz Asset Management GmbH purchased a new position in Iris Energy in the 4th quarter valued at $3,602,000. Finally, Renaissance Technologies LLC purchased a new position in Iris Energy in the 2nd quarter valued at $592,000. Hedge funds and other institutional investors own 9.71% of the company’s stock.

Iris Energy Company Profile

(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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