HC Wainwright Issues Pessimistic Forecast for Iris Energy (NASDAQ:IREN) Stock Price

Iris Energy (NASDAQ:IREN) had its target price lowered by stock analysts at HC Wainwright from $22.00 to $21.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 163.49% from the stock’s current price.

Several other brokerages have also weighed in on IREN. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised shares of 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, Canaccord Genuity Group lifted their price objective on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $20.30.

Iris Energy Price Performance

IREN opened at $7.97 on Thursday. The business’s 50-day moving average price is $6.44 and its two-hundred day moving average price is $9.56. Iris Energy has a 1 year low of $4.84 and a 1 year high of $15.92.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.08). Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. Equities analysts anticipate that Iris Energy will post 0.43 EPS for the current year.

Institutional Trading of Iris Energy

A number of hedge funds have recently made changes to their positions in IREN. Stonebridge Financial Group LLC bought a new position in Iris Energy in the 4th quarter valued at approximately $29,000. HM Payson & Co. acquired a new position in Iris Energy in the 4th quarter valued at approximately $30,000. R Squared Ltd bought a new position in shares of Iris Energy during the fourth quarter valued at $37,000. Crewe Advisors LLC acquired a new position in shares of Iris Energy during the first quarter worth $39,000. Finally, Main Management LLC acquired a new position in shares of Iris Energy during the fourth quarter worth $49,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.