Cantor Fitzgerald Issues Positive Forecast for Iris Energy (NASDAQ:IREN) Stock Price

Iris Energy (NASDAQ:IREN) had its price objective raised by Cantor Fitzgerald from $20.00 to $23.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 83.71% from the company’s current price.

IREN has been the topic of several other reports. Canaccord Genuity Group boosted their target price on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Macquarie upped their price objective on Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Compass Point dropped their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Finally, JPMorgan Chase & Co. lowered their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned 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 $16.33.

Iris Energy Stock Performance

Shares of IREN traded up $2.96 during trading hours on Wednesday, reaching $12.52. 31,260,913 shares of the company’s stock traded hands, compared to its average volume of 13,450,101. Iris Energy has a 12 month low of $3.56 and a 12 month high of $15.75. The firm’s 50 day simple moving average is $9.32 and its 200-day simple moving average is $9.46.

Institutional Trading of Iris Energy

A number of institutional investors have recently added to or reduced their stakes in IREN. Central Asset Investments & Management Holdings HK Ltd bought a new position in shares of Iris Energy in the second quarter valued at approximately $779,000. Van ECK Associates Corp raised its holdings in Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after acquiring an additional 576,726 shares during the period. Vontobel Holding Ltd. raised its holdings in Iris Energy by 123.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after acquiring an additional 27,212 shares during the period. Creative Planning raised its holdings in Iris Energy by 71.2% in the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after acquiring an additional 190,300 shares during the period. Finally, Campbell Capital Management Inc. bought a new position in Iris Energy in the 3rd quarter worth $608,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.