Brokerages Set Iris Energy Limited (NASDAQ:IREN) Target Price at $6.70

Iris Energy Limited (NASDAQ:IRENGet Rating) has been assigned an average recommendation of “Moderate Buy” from the nine research firms that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $6.70.

IREN has been the subject of a number of recent research reports. B. Riley lifted their price objective on shares of Iris Energy from $4.00 to $5.00 in a research note on Tuesday, April 25th. Cantor Fitzgerald raised shares of Iris Energy from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $4.00 to $7.00 in a report on Friday, May 12th. HC Wainwright raised shares of Iris Energy from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $3.00 to $8.00 in a research note on Thursday, February 16th. Compass Point upped their price objective on shares of Iris Energy from $6.50 to $11.00 and gave the company a “buy” rating in a research note on Friday, April 14th. Finally, Canaccord Genuity Group reduced their price target on shares of Iris Energy from $14.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, February 17th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH increased its stake in shares of Iris Energy by 29.5% in the first quarter. Allianz Asset Management GmbH now owns 288,547 shares of the company’s stock worth $4,522,000 after purchasing an additional 65,761 shares in the last quarter. First Trust Advisors LP increased its position in Iris Energy by 54.5% during the 1st quarter. First Trust Advisors LP now owns 150,846 shares of the company’s stock valued at $2,364,000 after purchasing an additional 53,226 shares during the period. UBS Group AG grew its position in shares of Iris Energy by 62,871.4% in the 1st quarter. UBS Group AG now owns 4,408 shares of the company’s stock worth $69,000 after buying an additional 4,401 shares during the last quarter. Invesco Ltd. purchased a new stake in Iris Energy during the 1st quarter worth approximately $214,000. Finally, Vident Investment Advisory LLC purchased a new stake in Iris Energy during the 1st quarter worth approximately $1,335,000. Institutional investors own 14.88% of the company’s stock.

Iris Energy Stock Performance

Shares of IREN stock opened at $3.49 on Friday. The company has a 50 day moving average of $3.61 and a 200-day moving average of $2.58. Iris Energy has a 12-month low of $1.02 and a 12-month high of $6.94.

About Iris Energy

(Get Rating)

Iris Energy Limited owns and operates bitcoin mining data centers in Canada, the United States, and the Asia-Pacific. The company was incorporated in 2018 and is headquartered in Sydney, Australia.

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Analyst Recommendations for Iris Energy (NASDAQ:IREN)

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