Iris Energy (NASDAQ:IREN) Trading Down 4% – Time to Sell?

Iris Energy Limited (NASDAQ:IREN)’s stock price traded down 4% on Tuesday . The company traded as low as $7.31 and last traded at $7.38. 2,352,743 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 15,253,584 shares. The stock had previously closed at $7.69.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IREN. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a research note on Thursday, February 13th. JPMorgan Chase & Co. raised Iris Energy from a “neutral” rating to an “overweight” rating and dropped their price objective for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. B. Riley raised their target price on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Canaccord Genuity Group increased their price objective on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Finally, BTIG Research began coverage on shares of Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $20.40.

Iris Energy Stock Down 9.3 %

The company has a fifty day simple moving average of $9.83 and a 200 day simple moving average of $10.11.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. On average, sell-side analysts anticipate that Iris Energy Limited will post 0.43 EPS for the current fiscal year.

Institutional Trading of Iris Energy

A number of large investors have recently made changes to their positions in the stock. JT Stratford LLC increased its position in Iris Energy by 104.1% during the fourth quarter. JT Stratford LLC now owns 36,063 shares of the company’s stock valued at $354,000 after acquiring an additional 18,398 shares during the last quarter. Two Seas Capital LP lifted its position in shares of Iris Energy by 212.7% in the fourth quarter. Two Seas Capital LP now owns 860,000 shares of the company’s stock valued at $8,445,000 after acquiring an additional 585,000 shares in the last quarter. Continuum Advisory LLC lifted its holdings in Iris Energy by 11.3% in the 4th quarter. Continuum Advisory LLC now owns 56,678 shares of the company’s stock worth $557,000 after purchasing an additional 5,772 shares in the last quarter. Vident Advisory LLC raised its position in shares of Iris Energy by 26.1% during the fourth quarter. Vident Advisory LLC now owns 2,937,918 shares of the company’s stock valued at $28,850,000 after buying an additional 608,736 shares during the last quarter. Finally, Twinbeech Capital LP bought a new stake in Iris Energy in the 4th quarter valued at $4,324,000. 41.08% of the stock is currently owned by institutional investors.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.