Iris Energy (NASDAQ:IREN) Shares Gap Down to $7.51

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $7.51, but opened at $7.35. Iris Energy shares last traded at $7.13, with a volume of 1,154,943 shares traded.

Wall Street Analysts Forecast Growth

IREN has been the subject of several research reports. B. Riley reduced their target price on Iris Energy from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Friday, July 12th. HC Wainwright reaffirmed a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a report on Wednesday, July 24th. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a report on Wednesday, July 24th. Canaccord Genuity Group upped their price objective on shares of Iris Energy from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Sanford C. Bernstein started coverage on Iris Energy in a research report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price objective for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $17.83.

Iris Energy Trading Down 3.0 %

The business’s 50-day simple moving average is $11.34 and its 200-day simple moving average is $7.65.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, May 15th. The company reported $0.08 earnings per share 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. Equities research analysts anticipate that Iris Energy Limited will post -0.01 earnings per share for the current year.

Institutional Trading of Iris Energy

Several institutional investors and hedge funds have recently made changes to their positions in the business. VitalStone Financial LLC increased its holdings in Iris Energy by 373.9% in the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after purchasing an additional 11,030 shares during the last quarter. CCG Wealth Management LLC bought a new stake in shares of Iris Energy in the 1st quarter valued at about $72,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of Iris Energy in the 4th quarter valued at approximately $84,000. PEAK6 Investments LLC acquired a new stake in shares of Iris Energy in the 1st quarter valued at approximately $133,000. Finally, Seven Eight Capital LP bought a new position in Iris Energy during the 2nd quarter worth approximately $146,000. 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.