Iris Energy (NASDAQ:IREN) Shares Gap Down – Here’s What Happened

Iris Energy Limited (NASDAQ:IREN) shares gapped down before the market opened on Monday . The stock had previously closed at $10.22, but opened at $9.32. Iris Energy shares last traded at $10.02, with a volume of 5,038,120 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently weighed in on IREN. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. HC Wainwright upped their price target on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. B. Riley increased their price target on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Cantor Fitzgerald boosted their price objective on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Iris Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Stock Performance

The firm has a 50 day moving average price of $11.81 and a two-hundred day moving average price of $9.86.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. On average, research analysts anticipate that Iris Energy Limited will post 0.11 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

Large investors have recently made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new position in Iris Energy during the 4th quarter worth approximately $29,000. R Squared Ltd acquired a new stake in shares of Iris Energy in the fourth quarter worth $37,000. AFG Fiduciary Services Limited Partnership purchased a new position in shares of Iris Energy during the third quarter valued at $77,000. Covestor Ltd acquired a new position in Iris Energy during the third quarter valued at $87,000. Finally, Sippican Capital Advisors purchased a new stake in Iris Energy in the 3rd quarter worth about $94,000. Institutional investors and hedge funds 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.