Iris Energy (NASDAQ:IREN) Shares Down 5.1%

Shares of Iris Energy Limited (NASDAQ:IREN) dropped 5.1% during mid-day trading on Thursday . The company traded as low as $12.23 and last traded at $12.24. Approximately 11,213,451 shares were traded during mid-day trading, a decline of 1% from the average daily volume of 11,381,176 shares. The stock had previously closed at $12.90.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Iris Energy in a research note on Thursday, May 16th. Cantor Fitzgerald upgraded shares of Iris Energy to a “strong-buy” rating in a report on Wednesday, June 12th. Canaccord Genuity Group boosted their target price on shares of Iris Energy from $9.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, May 16th. Sanford C. Bernstein initiated coverage on Iris Energy in a research note on Wednesday. They issued an “outperform” rating and a $26.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $17.71.

Iris Energy Trading Down 13.2 %

The stock has a 50-day moving average price of $9.76 and a 200 day moving average price of $7.02.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, May 15th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.04). The business had revenue of $54.35 million during the quarter, compared to the consensus estimate of $58.41 million. Research analysts forecast that Iris Energy Limited will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tucker Asset Management LLC purchased a new stake in shares of Iris Energy during the third quarter worth approximately $47,000. VitalStone Financial LLC raised its position 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 buying an additional 11,030 shares during the last quarter. CCG Wealth Management LLC acquired a new stake in shares of Iris Energy in the 1st quarter worth $72,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of Iris Energy in the 4th quarter worth $84,000. Finally, PEAK6 Investments LLC purchased a new stake in shares of Iris Energy in the first quarter valued at about $133,000. 41.08% of the stock is owned by hedge funds and other 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.