Iris Energy (NASDAQ:IREN) Reaches New 12-Month High - Still a Buy?

On Friday, shares of Iris Energy Limited (NASDAQ:IREN) reached a new 52-week peak, trading at a high of $15.88 and closing at $15.39. A total of 21,681,688 shares changed hands during the trading session, significantly up from the previous close of $14.15.

Analyst Projections for Iris Energy

Several research analysts have shared their opinions on Iris Energy recently. Cantor Fitzgerald raised their price target for Iris Energy from $20.00 to $23.00, giving the stock an "overweight" rating on November 27. Meanwhile, Canaccord Genuity Group increased their target from $15.00 to $17.00, also assigning a "buy" rating on the same day. Conversely, JPMorgan Chase & Co. lowered their target from $11.00 to $9.50 but still issued an "overweight" rating. Needham & Company reiterated a "hold" rating on the stock as well. Finally, HC Wainwright raised their price target from $13.00 to $16.00 and maintained a "buy" rating. Collectively, one analyst rates the stock as a hold, nine have a buy rating, and one even issued a strong buy. According to MarketBeat data, the stock enjoys a consensus rating of "Buy" with an average target price of $16.94.

Iris Energy's Stock Performance

The stock has reacted positively, rising by 8.8%. The company boasts a 50-day moving average of $10.01 and a 200-day average of $9.79, indicating strong momentum.

Institutional Investments in Iris Energy

Recent activity from large investors shows growing interest in Iris Energy. For instance, Bluefin Capital Management LLC purchased a new stake worth approximately $113,000 in the second quarter, while AFG Fiduciary Services Limited Partnership acquired a new position valued at $77,000 in the third quarter. Other notable investments include Covestor Ltd and Sippican Capital Advisors, with new stakes worth about $87,000 and $94,000, respectively. Finally, Seven Eight Capital LP bought a new position worth around $146,000 in the second quarter. Overall, institutional stakeholders hold about 41.08% of Iris Energy's shares.

About Iris Energy

Iris Energy Limited specializes in owning and operating facilities dedicated to bitcoin mining. Founded in 2018, the company is based in Sydney, Australia.

Investment Considerations

Should you consider investing in Iris Energy? While analysts currently view the stock favorably, it's essential to evaluate other potential investment options. MarketBeat indicates that some top-rated analysts have suggested five alternative stocks as better buys at the moment.

This instant news alert was generated to provide readers with the most timely and accurate updates regarding Iris Energy. For additional information and analysis, further research into other potential investment opportunities is advisable.

Iris, Energy, Stocks