Iris Energy (NASDAQ:IREN) Shares Gap Down – What’s Next?

Shares of Iris Energy Limited (NASDAQ:IREN) gapped down before the market opened on Monday . The stock had previously closed at $7.70, but opened at $7.27. Iris Energy shares last traded at $6.86, with a volume of 2,482,566 shares trading hands.

Wall Street Analyst Weigh In

IREN has been the topic of a number of analyst reports. 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 report on Tuesday, December 10th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th. B. Riley lifted their target price on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Macquarie lifted their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group upped their price target on Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Stock Performance

The business has a 50-day moving average price of $10.78 and a 200-day moving average price of $10.17.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate 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%. As a group, analysts expect that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft boosted its position in shares of Iris Energy by 66.7% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company’s stock valued at $1,228,000 after acquiring an additional 50,000 shares during the last quarter. Vontobel Holding Ltd. raised its stake in shares of Iris Energy by 13.4% in the 4th quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company’s stock valued at $549,000 after acquiring an additional 6,601 shares during the period. Main Management ETF Advisors LLC purchased a new position in shares of Iris Energy during the 3rd quarter worth approximately $760,000. Geode Capital Management LLC increased its holdings in Iris Energy by 56.3% in the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after purchasing an additional 264,883 shares during the last quarter. Finally, Private Advisor Group LLC acquired a new position in Iris Energy during the fourth quarter worth $120,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.