Iris Energy (NASDAQ:IREN) Stock Price Up 6.3% – What’s Next?

Iris Energy Limited (NASDAQ:IREN) shares rose 6.3% during trading on Friday . The company traded as high as $8.41 and last traded at $8.36. Approximately 5,151,497 shares changed hands during trading, a decline of 69% from the average daily volume of 16,382,578 shares. The stock had previously closed at $7.86.

Wall Street Analysts Forecast Growth

IREN has been the subject of a number of analyst reports. JPMorgan Chase & Co. restated a “neutral” rating and set a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. HC Wainwright raised their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. BTIG Research started coverage on shares of Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective for the company. Macquarie raised their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group raised their price objective on shares of Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.70.

Iris Energy Stock Up 4.8 %

The business’s fifty day moving average is $11.14 and its two-hundred day moving average is $10.17.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. Research analysts expect that Iris Energy Limited will post 0.43 EPS for the current year.

Institutional Trading of Iris Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. JT Stratford LLC boosted its stake in Iris Energy by 104.1% in the fourth quarter. JT Stratford LLC now owns 36,063 shares of the company’s stock valued at $354,000 after acquiring an additional 18,398 shares during the last quarter. Two Seas Capital LP boosted its stake in Iris Energy by 212.7% in the fourth quarter. Two Seas Capital LP now owns 860,000 shares of the company’s stock valued at $8,445,000 after acquiring an additional 585,000 shares during the last quarter. Continuum Advisory LLC boosted its stake in Iris Energy by 11.3% in the fourth quarter. Continuum Advisory LLC now owns 56,678 shares of the company’s stock valued at $557,000 after acquiring an additional 5,772 shares during the last quarter. Vident Advisory LLC boosted its stake in Iris Energy by 26.1% in the fourth quarter. Vident Advisory LLC now owns 2,937,918 shares of the company’s stock valued at $28,850,000 after acquiring an additional 608,736 shares during the last quarter. Finally, Twinbeech Capital LP bought a new position in Iris Energy in the fourth quarter valued at approximately $4,324,000. 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.