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

Shares of Iris Energy Limited (NASDAQ:IREN) gapped down prior to trading on Tuesday . The stock had previously closed at $10.41, but opened at $9.99. Iris Energy shares last traded at $10.00, with a volume of 2,275,609 shares traded.

Wall Street Analyst Weigh In

IREN has been the subject of several research analyst reports. B. Riley decreased their target price on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Macquarie increased their target price on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research note on Wednesday. HC Wainwright raised their target price on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Cantor Fitzgerald upped their price target on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $16.33.

Iris Energy Stock Up 29.7 %

The company’s 50 day simple moving average is $9.32 and its 200-day simple moving average is $9.46.

Hedge Funds Weigh In On Iris Energy

A number of institutional investors have recently added to or reduced their stakes in the business. D1 Capital Partners L.P. bought a new position in shares of Iris Energy in the second quarter worth approximately $17,319,000. Hood River Capital Management LLC purchased a new position in shares of Iris Energy during the 2nd quarter valued at about $13,618,000. Marshall Wace LLP lifted its position in Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after buying an additional 958,494 shares during the last quarter. Bank of Montreal Can purchased a new stake in Iris Energy in the second quarter worth approximately $9,969,000. Finally, Van ECK Associates Corp grew its position in Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after acquiring an additional 576,726 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors.

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.