Iris Energy (NASDAQ:IREN) Rating Reiterated by Canaccord Genuity Group

Iris Energy (NASDAQ:IREN)‘s stock had its “buy” rating restated by equities research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $15.00 price target on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 89.63% from the stock’s current price.

IREN has been the subject of several other reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of Iris Energy in a research note on Wednesday, July 24th. Sanford C. Bernstein started coverage on shares of Iris Energy in a research note on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 target price for the company. JPMorgan Chase & Co. decreased their target price on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. B. Riley decreased their target price on shares of Iris Energy from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, July 12th. Finally, HC Wainwright decreased their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Iris Energy currently has an average rating of “Buy” and an average price target of $16.25.

Iris Energy Trading Down 7.2 %

IREN opened at $7.91 on Thursday. Iris Energy has a 52-week low of $2.79 and a 52-week high of $15.75. The company has a 50 day moving average of $10.17 and a two-hundred day moving average of $7.92.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IREN. VitalStone Financial LLC lifted its position in shares of Iris Energy by 373.9% in the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after buying an additional 11,030 shares during the last quarter. CCG Wealth Management LLC bought a new stake in Iris Energy in the 1st quarter valued at about $72,000. Counterpoint Mutual Funds LLC acquired a new position in Iris Energy during the 4th quarter valued at about $84,000. PEAK6 Investments LLC acquired a new position in Iris Energy during the 1st quarter valued at about $133,000. Finally, Seven Eight Capital LP acquired a new position in Iris Energy during the 2nd quarter valued at about $146,000. 41.08% of the stock is currently owned by 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.