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

Iris Energy Limited (NASDAQ:IREN) shares gapped down prior to trading on Monday . The stock had previously closed at $13.32, but opened at $11.64. Iris Energy shares last traded at $10.83, with a volume of 14,622,404 shares changing hands.

Analysts Set New Price Targets

IREN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. restated a “neutral” rating and issued a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Cantor Fitzgerald boosted their price objective on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Macquarie increased their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Roth Mkm began coverage on Iris Energy in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price on the stock. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Iris Energy has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Trading Down 23.8 %

The stock has a 50-day simple moving average of $11.80 and a two-hundred day simple moving average of $9.92.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data 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, equities research analysts predict that Iris Energy Limited will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds have recently added to or reduced their stakes in the business. Bank of Montreal Can acquired a new position in Iris Energy in the 2nd quarter valued at about $9,969,000. Scientech Research LLC increased its holdings in Iris Energy by 174.2% during the 2nd quarter. Scientech Research LLC now owns 48,541 shares of the company’s stock valued at $548,000 after acquiring an additional 30,835 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Iris Energy in the second quarter worth $1,401,000. Point72 Asset Management L.P. lifted its position in shares of Iris Energy by 478.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 164,800 shares of the company’s stock worth $1,861,000 after purchasing an additional 136,300 shares during the last quarter. Finally, Truist Financial Corp grew its position in Iris Energy by 3.2% in the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after purchasing an additional 1,575 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.