HC Wainwright Lowers Iris Energy (NASDAQ:IREN) Price Target to $21.00

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

Other research analysts have also issued reports about the company. Canaccord Genuity Group lifted their price objective on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price target on shares of Iris Energy in a research note on Thursday, February 13th. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $15.00 to $12.00 in a research report on Thursday, March 13th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $20.30.

Iris Energy Trading Down 1.8%

Shares of IREN stock opened at $7.97 on Thursday. The business’s 50 day simple moving average is $6.44 and its 200 day simple moving average is $9.56. Iris Energy has a one year low of $4.84 and a one year high of $15.92.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 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%. As a group, equities analysts anticipate that Iris Energy will post 0.43 EPS for the current year.

Hedge Funds Weigh In On Iris Energy

Large investors have recently added to or reduced their stakes in the business. Situational Awareness LP bought a new position in shares of Iris Energy during the 1st quarter worth approximately $20,500,000. Trexquant Investment LP raised its stake in Iris Energy by 158.6% in the 1st quarter. Trexquant Investment LP now owns 1,038,220 shares of the company’s stock valued at $6,323,000 after acquiring an additional 636,767 shares during the period. Ieq Capital LLC bought a new stake in Iris Energy in the 1st quarter valued at about $2,876,000. Aurelius Capital Management LP bought a new stake in shares of Iris Energy during the 1st quarter valued at $311,000. Finally, CW Advisors LLC bought a new stake in shares of Iris Energy during the first quarter valued at about $122,000. Institutional investors 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.