Iris Energy (NASDAQ:IREN) Given Overweight Rating at Cantor Fitzgerald

Iris Energy (NASDAQ:IREN)‘s stock had its “overweight” rating restated by equities research analysts at Cantor Fitzgerald in a note issued to investors on Thursday, Benzinga reports. They currently have a $10.00 price target on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 81.82% from the stock’s current price.

Other research analysts have also issued research reports about the stock. B. Riley dropped their price objective on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating on the stock in a research note on Friday, March 15th. JPMorgan Chase & Co. boosted their target price on Iris Energy from $9.00 to $9.50 and gave the company an “overweight” rating in a research note on Friday, December 8th. Finally, Canaccord Genuity Group lifted their price target on Iris Energy from $8.00 to $9.00 and gave the company a “buy” rating in a report on Thursday, February 22nd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Iris Energy currently has an average rating of “Buy” and a consensus target price of $12.00.

Iris Energy Price Performance

NASDAQ:IREN traded up $0.13 during mid-day trading on Thursday, reaching $5.50. 8,734,344 shares of the stock were exchanged, compared to its average volume of 8,770,596. The business has a fifty day moving average price of $5.34 and a 200 day moving average price of $4.82. Iris Energy has a 1-year low of $2.70 and a 1-year high of $9.69.

Iris Energy (NASDAQ:IREN) last released its earnings results on Thursday, February 15th. The company reported ($0.07) EPS for the quarter. The company had revenue of $42.57 million for the quarter, compared to analyst estimates of $37.58 million. As a group, sell-side analysts predict that Iris Energy will post -0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd raised its position in shares of Iris Energy by 719.8% in the fourth quarter. Quadrature Capital Ltd now owns 232,312 shares of the company’s stock valued at $1,655,000 after purchasing an additional 203,976 shares during the period. Goldman Sachs Group Inc. acquired a new position in Iris Energy in the 4th quarter valued at $836,000. Vident Advisory LLC raised its holdings in Iris Energy by 110.5% in the 4th quarter. Vident Advisory LLC now owns 1,237,155 shares of the company’s stock worth $8,846,000 after acquiring an additional 649,411 shares during the period. Prelude Capital Management LLC acquired a new position in Iris Energy during the 4th quarter worth $173,000. Finally, Creative Planning bought a new stake in Iris Energy during the fourth quarter valued at about $91,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.