Iris Energy (NASDAQ:IREN) Shares Gap Up to $11.99

Iris Energy Limited (NASDAQ:IREN) gapped up prior to trading on Tuesday . The stock had previously closed at $11.99, but opened at $12.30. Iris Energy shares last traded at $12.59, with a volume of 4,416,861 shares trading hands.

Analysts Set New Price Targets

Several research firms recently issued reports on IREN. Canaccord Genuity Group lifted their price target on shares of Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Sanford C. Bernstein began coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price target for the company. B. Riley dropped their price objective on Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday. HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Iris Energy in a research note on Thursday, May 16th. Finally, Cantor Fitzgerald upgraded Iris Energy to a “strong-buy” rating in a research note on Wednesday, June 12th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Iris Energy has a consensus rating of “Buy” and a consensus price target of $17.57.

Iris Energy Stock Performance

The stock has a 50 day moving average price of $10.18 and a 200 day moving average price of $7.07.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, May 15th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The firm had revenue of $54.35 million during the quarter, compared to the consensus estimate of $58.41 million.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. Vident Advisory LLC raised its stake in Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after acquiring an additional 717,843 shares during the period. Van ECK Associates Corp grew its holdings in Iris Energy by 32.9% during the 4th quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock valued at $10,624,000 after buying an additional 368,140 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Iris Energy by 52.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock valued at $7,418,000 after buying an additional 356,752 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Iris Energy during the 4th quarter valued at about $1,655,000. Finally, Russell Investments Group Ltd. purchased a new position in Iris Energy during the 1st quarter valued at about $893,000. 41.08% of the stock is currently owned by institutional investors.

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.