Iris Energy (NASDAQ:IREN) Upgraded to Overweight at JPMorgan Chase & Co.

Iris Energy (NASDAQ:IREN) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Thursday,Briefing.com Automated Import reports. The firm presently has a $12.00 target price on the stock, down from their previous target price of $15.00. JPMorgan Chase & Co.‘s price target suggests a potential upside of 70.45% from the company’s previous close.

Several other research firms have also recently issued reports on IREN. Macquarie lifted their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright lifted their price objective on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. BTIG Research initiated coverage on Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a report on Thursday, February 13th. Finally, Canaccord Genuity Group lifted their price objective on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $20.40.

Iris Energy Stock Performance

NASDAQ:IREN opened at $7.04 on Thursday. Iris Energy has a 52 week low of $4.15 and a 52 week high of $15.92. The stock’s 50-day moving average price is $10.65 and its 200-day moving average price is $10.15.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating 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, equities research analysts anticipate that Iris Energy will post 0.43 EPS for the current fiscal year.

Institutional Trading of Iris Energy

Several institutional investors have recently made changes to their positions in IREN. Stonebridge Financial Group LLC purchased a new stake in shares of Iris Energy during the 4th quarter valued at approximately $29,000. HM Payson & Co. purchased a new stake in shares of Iris Energy during the 4th quarter valued at approximately $30,000. R Squared Ltd purchased a new stake in shares of Iris Energy during the 4th quarter valued at approximately $37,000. Main Management LLC purchased a new stake in shares of Iris Energy during the 4th quarter valued at approximately $49,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Iris Energy by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock valued at $82,000 after buying an additional 7,646 shares during the period. Hedge funds and other institutional investors 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.