Iris Energy (NASDAQ:IREN) Shares Down 5.2%

Iris Energy Limited (NASDAQ:IREN)’s share price dropped 5.2% on Wednesday . The company traded as low as $12.29 and last traded at $12.32. Approximately 9,431,894 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 10,964,391 shares. The stock had previously closed at $12.99.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on IREN shares. Canaccord Genuity Group upped their price objective on shares of Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. JPMorgan Chase & Co. upped their price objective on shares of Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Tuesday, June 4th. HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Iris Energy in a research note on Thursday, May 16th. Cantor Fitzgerald raised shares of Iris Energy to a “strong-buy” rating in a research note on Wednesday, June 12th. Finally, B. Riley boosted their target price on shares of Iris Energy from $9.50 to $18.00 and gave the company a “buy” rating in a report on Monday. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $16.33.

Iris Energy Stock Down 5.5 %

The business’s fifty day moving average price is $7.91 and its 200 day moving average price is $6.46.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, May 15th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.04). The company had revenue of $54.35 million for the quarter, compared to analyst estimates of $58.41 million. As a group, sell-side analysts anticipate that Iris Energy Limited will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Tucker Asset Management LLC purchased a new position in Iris Energy in the 3rd quarter valued at about $47,000. VitalStone Financial LLC increased its holdings in Iris Energy by 373.9% during the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after purchasing an additional 11,030 shares during the last quarter. CCG Wealth Management LLC bought a new position in shares of Iris Energy in the 1st quarter worth about $72,000. Counterpoint Mutual Funds LLC bought a new stake in shares of Iris Energy during the 4th quarter valued at about $84,000. Finally, PEAK6 Investments LLC acquired a new stake in Iris Energy during the first quarter worth about $133,000. Hedge funds and other 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.