What To Know About Cowen & Co.'s Downgrade of Iris Energy

Cowen & Co. downgraded its rating of Iris Energy IREN to Market Perform with a price target of $4.30, changing its price target from $14.00 to $4.30.

Shares of Iris Energy are trading down 13.37% over the last 24 hours, at $3.50 per share.

A move to $4.30 would account for a 22.86% increase from the current share price.

About Iris Energy

Iris Energy Ltd is a bitcoin mining company. It builds, owns, and operates data centers and electrical infrastructure for the mining of Bitcoin primarily powered by renewable energy. The company's mining operations generate revenue by earning Bitcoin through a combination of block rewards and transaction fees from the operation of its specialized computers called Application-specific Integrated Circuits and exchanging these Bitcoin for currencies such as USD or CAD on a daily basis.

About Analyst Ratings

Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.

Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.

If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along with analyst success scores in Benzinga Pro.

This article was generated by Benzinga's automated content engine and reviewed by an editor.