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

Iris Energy Limited (NASDAQ:IREN)’s share price gapped down prior to trading on Monday . The stock had previously closed at $9.49, but opened at $9.13. Iris Energy shares last traded at $8.99, with a volume of 3,637,424 shares traded.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Roth Mkm started coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price for the company. B. Riley cut their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, September 13th. Canaccord Genuity Group reissued a “buy” rating and set a $15.00 price objective on shares of Iris Energy in a report on Thursday, August 29th. Compass Point cut their target price on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Finally, Macquarie lifted their price target on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Iris Energy currently has a consensus rating of “Buy” and an average price target of $15.44.

Iris Energy Stock Performance

The business has a fifty day moving average of $7.96 and a 200 day moving average of $8.47.

Institutional Investors Weigh In On Iris Energy

Several institutional investors and hedge funds have recently modified their holdings of IREN. D1 Capital Partners L.P. purchased a new stake in Iris Energy in the second quarter worth about $17,319,000. Hood River Capital Management LLC bought a new position in shares of Iris Energy in the 2nd quarter worth approximately $13,618,000. Marshall Wace LLP raised its position in shares of 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 acquiring an additional 958,494 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Iris Energy during the second quarter valued at approximately $9,969,000. Finally, Vident Advisory LLC boosted its position in shares of Iris Energy by 58.0% during the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after purchasing an additional 717,843 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other 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.