Iris Energy Limited (NASDAQ:IREN) Receives Average Rating of “Moderate Buy” from Analysts

Iris Energy Limited (NASDAQ:IRENGet Rating) has been given a consensus rating of “Moderate Buy” by the eleven brokerages that are covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $12.91.

IREN has been the subject of several analyst reports. Citigroup dropped their target price on Iris Energy from $8.00 to $6.00 and set a “buy” rating for the company in a report on Thursday, September 15th. Cantor Fitzgerald cut Iris Energy from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $7.00 to $3.00 in a report on Tuesday, November 8th. JPMorgan Chase & Co. started coverage on Iris Energy in a report on Wednesday, September 28th. They issued a “neutral” rating for the company. HC Wainwright cut Iris Energy from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $7.00 to $3.00 in a report on Tuesday. Finally, Cowen cut Iris Energy from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $14.00 to $4.30 in a report on Thursday, September 22nd.

Iris Energy Stock Up 9.8 %

Shares of IREN stock opened at $1.68 on Friday. Iris Energy has a 1-year low of $1.40 and a 1-year high of $21.05. The business has a 50-day moving average of $3.22 and a 200 day moving average of $4.16. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.88 and a current ratio of 1.88.

Hedge Funds Weigh In On Iris Energy

Several institutional investors and hedge funds have recently bought and sold shares of IREN. Regal Partners Ltd purchased a new position in shares of Iris Energy in the second quarter valued at about $12,653,000. Exchange Traded Concepts LLC grew its stake in shares of Iris Energy by 80.2% during the third quarter. Exchange Traded Concepts LLC now owns 446,453 shares of the company’s stock valued at $1,844,000 after buying an additional 198,733 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Iris Energy during the second quarter valued at approximately $592,000. JPMorgan Chase & Co. bought a new position in shares of Iris Energy during the second quarter valued at approximately $392,000. Finally, Van ECK Associates Corp boosted its holdings in shares of Iris Energy by 31.5% in the third quarter. Van ECK Associates Corp now owns 468,834 shares of the company’s stock valued at $1,936,000 after purchasing an additional 112,298 shares during the period. 9.71% of the stock is currently owned by hedge funds and other institutional investors.

About Iris Energy

(Get Rating)

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.

Further Reading

Analyst Recommendations for Iris Energy (NASDAQ:IREN)

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