Iris Energy (NASDAQ:IREN) Shares Gap Down – What’s Next?

Iris Energy Limited (NASDAQ:IREN) gapped down before the market opened on Tuesday . The stock had previously closed at $10.41, but opened at $9.99. Iris Energy shares last traded at $10.00, with a volume of 2,275,609 shares.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on IREN shares. B. Riley decreased their price objective on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Roth Mkm initiated coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective for the company. JPMorgan Chase & Co. cut their target price on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a report on Thursday, August 29th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Iris Energy currently has an average rating of “Buy” and a consensus target price of $15.44.

Iris Energy Stock Performance

The stock’s 50 day moving average price is $9.29 and its two-hundred day moving average price is $9.43.

Hedge Funds Weigh In On Iris Energy

A number of institutional investors and hedge funds have recently made changes to their positions in IREN. Bluefin Capital Management LLC purchased a new stake in shares of Iris Energy in the 2nd quarter worth about $113,000. AFG Fiduciary Services Limited Partnership acquired a new stake in shares of Iris Energy in the third quarter worth approximately $77,000. Covestor Ltd acquired a new stake in shares of Iris Energy in the third quarter worth approximately $87,000. Sippican Capital Advisors acquired a new stake in shares of Iris Energy in the third quarter worth approximately $94,000. Finally, Seven Eight Capital LP acquired a new stake in shares of Iris Energy in the second quarter worth approximately $146,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.