Cantor Fitzgerald Reaffirms Overweight Rating for Iris Energy

Cantor Fitzgerald has reaffirmed its overweight rating for Iris Energy (NASDAQ:IREN) in a research report published recently. The analyst firm has set a price target of $23.00 for the stock, indicating a positive outlook.

Other financial institutions have also shared their views on Iris Energy. For instance, JPMorgan Chase & Co. maintained a "neutral" rating and raised its price target from $9.50 to $15.00. Needham & Company LLC reissued a "hold" rating on the same day. Additionally, Canaccord Genuity Group upped their price target from $17.00 to $23.00 while assigning a "buy" rating. On December 4th, Macquarie adjusted its price target from $13.50 to $19.00 and also categorized Iris Energy as "outperform." Furthermore, HC Wainwright increased its price goal from $16.00 to $22.00, giving it a "buy" rating.

Market analysts have shown mixed ratings for Iris Energy. Currently, two analysts have opted for a hold rating, while nine indicate a buy rating. One analyst has even issued a strong buy rating for the company. According to data on MarketBeat.com, Iris Energy enjoys an average rating of "Moderate Buy" with a consensus target price of $20.70.

Iris Energy Recent Trading Performance

As of the last market session, shares of Iris Energy opened at $13.01. The company's 50-day moving average stands at $11.65, and its 200-day moving average is recorded at $9.99. Iris Energy has experienced a 52-week low of $4.15 and a high of $15.92.

In terms of earnings, Iris Energy released its most recent results on February 12th. The company reported earnings of $0.09 per share for the quarter, outperforming the consensus estimate, which forecasted a loss of ($0.04) per share. Overall, analysts project that Iris Energy will achieve earnings of $0.11 per share for the current fiscal year.

Institutional Investment Activities

Institutional investors have been active in changing their positions with respect to Iris Energy. For example, Baader Bank Aktiengesellschaft raised its holdings by a significant 66.7% during the fourth quarter, now holding 125,000 shares valued at approximately $1,228,000 after purchasing an additional 50,000 shares. Meanwhile, Main Management ETF Advisors LLC reported a new investment in Iris Energy valued at around $760,000 during the third quarter.

Van ECK Associates Corp increased its stake by 56.1% in the same quarter, now owning 1,605,671 shares worth about $13,938,000 after adding 576,726 shares. Vontobel Holding Ltd. also raised its stake significantly, increasing ownership by 123.1% in the third quarter, while Creative Planning boosted its holdings by 71.2%, now owning 457,625 shares valued at about $3,862,000. Overall, institutional investors claim ownership of approximately 41.08% of Iris Energy's stock.

About Iris Energy

Iris Energy Limited is engaged in the ownership and operation of bitcoin mining data centers. Established in 2018 and headquartered in Sydney, Australia, the company focuses on leveraging its energy-efficient facilities to capitalize on the growing demand for cryptocurrency.

Cantor, Iris, Energy