Iris Energy (NASDAQ:IREN) Issues Earnings Results

Iris Energy (NASDAQ:IREN) announced its quarterly earnings results on Wednesday. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.13, Zacks reports. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%.

Iris Energy Trading Up 4.8 %

Shares of Iris Energy stock traded up $0.59 on Wednesday, reaching $13.01. 13,590,907 shares of the company were exchanged, compared to its average volume of 16,483,852. Iris Energy has a one year low of $4.15 and a one year high of $15.92. The company has a 50-day moving average of $11.74 and a 200 day moving average of $9.92.

Wall Street Analysts Forecast Growth

IREN has been the subject of a number of research reports. Macquarie increased their target price on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. BTIG Research assumed coverage on shares of Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective for the company. B. Riley boosted their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Cantor Fitzgerald increased their target price on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Finally, HC Wainwright boosted their price target on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

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.