Iris Energy (NASDAQ:IREN) Price Target Raised to $20.00 at Macquarie

Iris Energy (NASDAQ:IREN) had its price objective lifted by equities researchers at Macquarie from $15.50 to $20.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s price target indicates a potential upside of 137.81% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. HC Wainwright lowered their price target on shares of Iris Energy from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday. Canaccord Genuity Group lifted their price target on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a report on Thursday, February 13th. JPMorgan Chase & Co. raised Iris Energy from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $15.00 to $12.00 in a report on Thursday, March 13th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Iris Energy has an average rating of “Buy” and a consensus price target of $20.30.

Iris Energy Stock Up 8.5%

IREN stock opened at $8.41 on Thursday. Iris Energy has a fifty-two week low of $5.13 and a fifty-two week high of $15.92. The business has a 50-day moving average of $6.49 and a 200-day moving average of $9.52.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.06). Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. The business had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. On average, equities analysts predict that Iris Energy will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

A number of institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its position in Iris Energy by 11.7% during the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock worth $80,000 after buying an additional 1,387 shares during the last quarter. Sippican Capital Advisors lifted its stake in shares of Iris Energy by 15.1% during the 4th quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock worth $126,000 after buying an additional 1,680 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Iris Energy by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company’s stock worth $123,000 after buying an additional 2,035 shares during the last quarter. Drive Wealth Management LLC lifted its stake in shares of Iris Energy by 5.8% during the 4th quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock worth $390,000 after buying an additional 2,193 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Iris Energy during the 4th quarter worth about $29,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.