Iris Energy (NASDAQ:IREN) Trading Up 7.4% – Time to Buy?

Iris Energy Limited (NASDAQ:IREN) traded up 7.4% on Wednesday . The stock traded as high as $7.01 and last traded at $7.08. 1,342,360 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 15,209,437 shares. The stock had previously closed at $6.59.

Wall Street Analyst Weigh In

IREN has been the topic of a number of recent research reports. Canaccord Genuity Group increased their price objective on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. BTIG Research initiated coverage on shares of Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 target price on shares of Iris Energy in a report on Thursday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. Finally, HC Wainwright upped their price target 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. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $20.40.

Iris Energy Stock Up 0.1 %

The firm’s fifty day moving average price is $10.13 and its 200-day moving average price is $10.08.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping 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%. On average, research analysts forecast that Iris Energy Limited will post 0.43 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. Sippican Capital Advisors raised its holdings in shares of Iris Energy by 15.1% during the fourth quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock valued at $126,000 after acquiring an additional 1,680 shares in the last quarter. Drive Wealth Management LLC increased its position in Iris Energy by 5.8% during the 4th quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock valued at $390,000 after purchasing an additional 2,193 shares during the period. Stonebridge Financial Group LLC bought a new position in Iris Energy in the 4th quarter worth $29,000. HM Payson & Co. purchased a new stake in shares of Iris Energy in the 4th quarter worth about $30,000. Finally, R Squared Ltd purchased a new position in shares of Iris Energy during the fourth quarter valued at about $37,000. Institutional investors 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.