Iris Energy (NASDAQ:IREN) Releases Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Iris Energy (NASDAQ:IREN) announced its earnings results on Wednesday. The company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.13, Zacks reports. Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%.

Iris Energy Stock Up 4.8 %

Shares of NASDAQ:IREN traded up $0.59 during trading on Wednesday, hitting $13.01. 13,590,907 shares of the company’s stock were exchanged, compared to its average volume of 16,483,852. The firm has a 50-day moving average price of $11.74 and a two-hundred day moving average price of $9.92. Iris Energy has a 1-year low of $4.15 and a 1-year high of $15.92.

Analyst Upgrades and Downgrades

IREN has been the subject of a number of recent analyst reports. Macquarie raised their price target on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright raised their target price on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. B. Riley upped their price target on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Finally, Cantor Fitzgerald boosted their target price on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.50.

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.