Iris Energy (NASDAQ:IREN) Coverage Initiated at Sanford C. Bernstein

Sanford C. Bernstein started coverage on shares of Iris Energy (NASDAQ:IRENGet Free Report) in a report issued on Wednesday, Briefing.com reports. The brokerage set an “outperform” rating and a $26.00 price target on the stock. Sanford C. Bernstein’s price objective would indicate a potential upside of 102.81% from the stock’s current price.

A number of other research firms have also recently issued reports on IREN. Cantor Fitzgerald upgraded Iris Energy to a “strong-buy” rating in a report on Wednesday, June 12th. JPMorgan Chase & Co. boosted their target price on Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. B. Riley boosted their target price on Iris Energy from $9.50 to $18.00 and gave the company a “buy” rating in a research note on Monday, June 24th. HC Wainwright reissued a “buy” rating and issued a $10.00 target price on shares of Iris Energy in a research note on Thursday, May 16th. Finally, Canaccord Genuity Group boosted their target price on Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Iris Energy currently has a consensus rating of “Buy” and an average price target of $17.71.

Get Our Latest Research Report on Iris Energy

Iris Energy Stock Performance

Iris Energy stock opened at $12.82 on Wednesday. Iris Energy has a 52 week low of $2.79 and a 52 week high of $15.75. The business has a 50-day simple moving average of $9.59 and a 200 day simple moving average of $6.97.

Iris Energy (NASDAQ:IRENGet Free Report) last posted its earnings results on Wednesday, May 15th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.04). The company had revenue of $54.35 million during the quarter, compared to analyst estimates of $58.41 million. Analysts forecast that Iris Energy will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vident Advisory LLC raised its position in shares of Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after acquiring an additional 717,843 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Iris Energy by 23.7% in the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after buying an additional 351,774 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 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 worth $7,418,000 after buying an additional 356,752 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Iris Energy by 47.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock worth $4,389,000 after buying an additional 196,635 shares during the last quarter. Finally, Quadrature Capital Ltd grew its stake in shares of Iris Energy by 719.8% in the 4th quarter. Quadrature Capital Ltd now owns 232,312 shares of the company’s stock worth $1,655,000 after buying an additional 203,976 shares during the last quarter. Institutional investors own 41.08% of the company’s stock.

Iris Energy Company Profile

(Get Free Report)

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

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