Iris Energy (NASDAQ:IREN) Shares Down 3.6% – Here’s Why

Shares of Iris Energy Limited (NASDAQ:IREN) were down 3.6% during trading on Wednesday . The company traded as low as $13.20 and last traded at $13.23. Approximately 2,285,386 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 13,746,665 shares. The stock had previously closed at $13.73.

Analyst Ratings Changes

Several analysts have issued reports on the stock. B. Riley increased their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday. Macquarie upped their target price on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group lifted their price target on Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Compass Point lowered their target price on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Finally, Roth Mkm started coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price target for the company. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Iris Energy has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Iris Energy Trading Down 5.9 %

The firm has a 50-day moving average of $11.01 and a 200-day moving average of $10.19.

Institutional Investors Weigh In On Iris Energy

A number of large investors have recently added to or reduced their stakes in IREN. Truist Financial Corp boosted its holdings in shares of Iris Energy by 3.2% during the second 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 period. Chesapeake Capital Corp IL increased its stake in shares of Iris Energy by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock valued at $157,000 after buying an additional 3,861 shares during the period. Chicago Partners Investment Group LLC raised its holdings in shares of Iris Energy by 13.2% during the third quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock valued at $473,000 after acquiring an additional 6,347 shares in the last quarter. Wellington Management Group LLP increased its position in Iris Energy by 28.3% during the 3rd quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock valued at $309,000 after purchasing an additional 8,092 shares during the period. Finally, Bluefin Capital Management LLC bought a new position in Iris Energy in the 2nd quarter worth $113,000. Institutional investors own 41.08% of the company’s stock.

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.