Iris Energy’s (IREN) Buy Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Iris Energy (NASDAQ:IREN) in a research note issued to investors on Monday, Benzinga reports. They currently have a $9.00 price objective on the stock.

A number of other research analysts also recently commented on the stock. Cantor Fitzgerald reissued an overweight rating and issued a $10.00 price objective on shares of Iris Energy in a research report on Thursday, March 28th. HC Wainwright reiterated a buy rating and set a $10.00 price target on shares of Iris Energy in a report on Tuesday, April 2nd. Finally, B. Riley lowered their price target on Iris Energy from $10.00 to $9.50 and set a buy rating on the stock in a research report on Friday, March 15th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus price target of $12.00.

Iris Energy Price Performance

Shares of NASDAQ IREN opened at $5.13 on Monday. The stock has a 50 day moving average price of $5.15 and a 200 day moving average price of $5.11. Iris Energy has a 52 week low of $2.79 and a 52 week high of $9.69.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) EPS for the quarter. The firm had revenue of $42.57 million during the quarter, compared to the consensus estimate of $37.58 million. As a group, sell-side analysts predict that Iris Energy will post 0.08 earnings per share for the current year.

Institutional Trading of Iris Energy

A number of hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp lifted its position in Iris Energy by 19.7% during the third quarter. Van ECK Associates Corp now owns 1,117,769 shares of the company’s stock worth $4,147,000 after acquiring an additional 184,039 shares during the last quarter. Tucker Asset Management LLC acquired a new stake in Iris Energy during the 3rd quarter worth approximately $47,000. Exchange Traded Concepts LLC boosted its stake in Iris Energy by 47.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock valued at $4,389,000 after purchasing an additional 196,635 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings 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 buying an additional 356,752 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its position in Iris Energy by 123.2% during the 4th quarter. Vontobel Holding Ltd. now owns 62,791 shares of the company’s stock worth $449,000 after buying an additional 34,662 shares during the period. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.