Iris Energy (NASDAQ:IREN) Shares Gap Down – Time to Sell?

Iris Energy Limited (NASDAQ:IREN) gapped down prior to trading on Tuesday . The stock had previously closed at $12.62, but opened at $12.13. Iris Energy shares last traded at $12.61, with a volume of 1,625,639 shares traded.

Wall Street Analyst Weigh In

IREN has been the subject of a number of recent analyst reports. HC Wainwright upped their target price on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. B. Riley reduced their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Roth Capital raised Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. Finally, Compass Point reduced their price objective on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $16.33.

Iris Energy Stock Performance

The business’s 50-day moving average price is $9.72 and its 200-day moving average price is $9.68.

Institutional Trading of Iris Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. AFG Fiduciary Services Limited Partnership purchased a new position in shares of Iris Energy in the third quarter valued at about $77,000. Covestor Ltd bought a new position in shares of Iris Energy during the 3rd quarter valued at approximately $87,000. Sippican Capital Advisors bought a new stake in Iris Energy in the third quarter worth $94,000. Bluefin Capital Management LLC purchased a new stake in Iris Energy during the second quarter valued at $113,000. Finally, Seven Eight Capital LP bought a new position in Iris Energy during the second quarter valued at $146,000. Hedge funds and other 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.