Iris Energy (NASDAQ:IREN) Trading Up 7.4% – Should You Buy?

Iris Energy Limited (NASDAQ:IREN) traded up 7.4% during trading on Wednesday . The stock traded as high as $7.01 and last traded at $7.08. 1,342,360 shares were traded during mid-day trading, a decline of 91% from the average session volume of 15,209,437 shares. The stock had previously closed at $6.59.

Analyst Ratings Changes

Several research analysts have commented on the company. JPMorgan Chase & Co. upgraded Iris Energy from a “neutral” rating to an “overweight” rating and cut their target price for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. Macquarie raised their target price on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 target price on shares of Iris Energy in a research note on Thursday, February 13th. Finally, HC Wainwright raised their price target on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Iris Energy currently has a consensus rating of “Buy” and a consensus target price of $20.40.

Iris Energy Trading Up 7.1 %

The stock has a fifty day moving average of $10.26 and a two-hundred day moving average of $10.12.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. As a group, research analysts anticipate that Iris Energy Limited will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On Iris Energy

Large investors have recently bought and sold shares of the stock. Sippican Capital Advisors grew its position in shares of Iris Energy by 15.1% in the 4th quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock worth $126,000 after buying an additional 1,680 shares during the last quarter. Drive Wealth Management LLC grew its position in shares of Iris Energy by 5.8% in the 4th quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock worth $390,000 after buying an additional 2,193 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of Iris Energy in the 4th quarter worth approximately $29,000. HM Payson & Co. bought a new stake in shares of Iris Energy in the 4th quarter worth approximately $30,000. Finally, R Squared Ltd bought a new stake in shares of Iris Energy in the 4th quarter worth approximately $37,000. 41.08% of the stock is owned by hedge funds and other 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.