Canaccord Genuity Group Reaffirms “Buy” Rating for Iris Energy (NASDAQ:IREN)

Iris Energy (NASDAQ:IREN)‘s stock had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group in a research note issued on Monday, Benzinga reports. They presently have a $9.00 target price on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 74.42% from the stock’s current price.

A number of other analysts also recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $10.00 target price on shares of Iris Energy in a research report on Tuesday, April 2nd. B. Riley reduced their price objective on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Iris Energy in a research report on Thursday, March 28th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Iris Energy presently has a consensus rating of “Buy” and an average target price of $12.00.

Iris Energy Stock Performance

Shares of IREN stock traded up $0.43 during trading hours on Monday, hitting $5.16. 7,420,750 shares of the company were exchanged, compared to its average volume of 8,977,070. The company has a 50 day simple moving average of $5.24 and a two-hundred day simple moving average of $5.08. Iris Energy has a fifty-two week low of $2.79 and a fifty-two week high of $9.69.

Iris Energy (NASDAQ:IREN) last issued its earnings results on Thursday, February 15th. The company reported ($0.07) EPS for the quarter. The company had revenue of $42.57 million during the quarter, compared to analyst estimates of $37.58 million. On average, equities analysts forecast that Iris Energy will post 0.08 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Counterpoint Mutual Funds LLC purchased a new position in shares of Iris Energy in the fourth quarter worth $84,000. Jump Financial LLC lifted its holdings in Iris Energy by 33.1% in the 4th quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock valued at $353,000 after purchasing an additional 12,290 shares in the last quarter. Tucker Asset Management LLC acquired a new stake in shares of Iris Energy in the third quarter valued at approximately $47,000. CCG Wealth Management LLC acquired a new stake in Iris Energy during the first quarter worth about $72,000. Finally, Olympiad Research LP acquired a new position in Iris Energy in the 4th quarter valued at about $173,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.