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

by · The Markets Daily

Iris Energy Limited (NASDAQ:IREN – Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $6.53, but opened at $6.30. Iris Energy shares last traded at $6.24, with a volume of 2,141,551 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on IREN shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 price target on shares of Iris Energy in a research note on Thursday, February 13th. HC Wainwright increased their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, Canaccord Genuity Group lifted their target price on shares of Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $20.40.

View Our Latest Stock Analysis on IREN

Iris Energy Price Performance

The company has a fifty day simple moving average of $6.57 and a two-hundred day simple moving average of $9.68.

Iris Energy (NASDAQ:IREN – Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 EPS 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, sell-side analysts predict that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Private Advisor Group LLC raised its position in shares of Iris Energy by 4,075.5% in the 1st quarter. Private Advisor Group LLC now owns 508,118 shares of the company’s stock valued at $3,094,000 after purchasing an additional 495,949 shares during the last quarter. Apollon Wealth Management LLC lifted its stake in shares of Iris Energy by 28.9% during the first quarter. Apollon Wealth Management LLC now owns 20,471 shares of the company’s stock worth $125,000 after buying an additional 4,587 shares during the period. TRU Independence Asset Management 2 LLC increased its position in shares of Iris Energy by 22.1% in the 1st quarter. TRU Independence Asset Management 2 LLC now owns 20,241 shares of the company’s stock valued at $123,000 after acquiring an additional 3,670 shares during the period. Valeo Financial Advisors LLC acquired a new position in shares of Iris Energy in the first quarter valued at about $91,000. Finally, Sippican Capital Advisors lifted its holdings in shares of Iris Energy by 47.4% during the first quarter. Sippican Capital Advisors now owns 18,840 shares of the company’s stock worth $115,000 after purchasing an additional 6,060 shares during the period. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

About Iris Energy

(Get Free Report)

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

See Also