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

Cantor Fitzgerald reiterated their overweight rating on shares of Iris Energy (NASDAQ:IREN) in a research report released on Wednesday morning, Benzinga reports. Cantor Fitzgerald currently has a $20.00 price target on the stock.

Several other equities analysts have also weighed in on the stock. HC Wainwright dropped their price objective on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Needham & Company LLC began coverage on shares of Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating on the stock. Sanford C. Bernstein started coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price objective for the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a research report on Thursday, August 29th. Finally, Compass Point dropped their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Iris Energy presently has a consensus rating of “Buy” and an average price target of $15.44.

Iris Energy Price Performance

IREN stock opened at $10.32 on Wednesday. Iris Energy has a 1-year low of $2.79 and a 1-year high of $15.75. The business’s 50 day simple moving average is $8.23 and its 200 day simple moving average is $8.69.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently added to or reduced their stakes in IREN. VitalStone Financial LLC boosted its stake in Iris Energy by 373.9% in the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after acquiring an additional 11,030 shares during the last quarter. AFG Fiduciary Services Limited Partnership bought a new position in shares of Iris Energy in the third quarter worth approximately $77,000. Sippican Capital Advisors purchased a new stake in shares of Iris Energy during the 3rd quarter valued at $94,000. Bluefin Capital Management LLC purchased a new stake in Iris Energy during the second quarter valued at about $113,000. Finally, PEAK6 Investments LLC purchased a new position in shares of Iris Energy during the 1st quarter valued at about $133,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.