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

Shares of Iris Energy Limited (NASDAQ:IREN) gapped down before the market opened on Monday . The stock had previously closed at $11.00, but opened at $10.32. Iris Energy shares last traded at $10.40, with a volume of 2,452,604 shares traded.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Roth Capital raised Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. BTIG Research began coverage on shares of Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 target price on the stock. Macquarie upped their target price on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, HC Wainwright lifted their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Stock Up 4.9 %

The firm’s 50 day moving average price is $11.70 and its 200-day moving average price is $10.04.

Hedge Funds Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Iris Energy in the second quarter worth $779,000. Main Management ETF Advisors LLC purchased a new stake in shares of Iris Energy during the 3rd quarter valued at about $760,000. Van ECK Associates Corp grew its stake in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after acquiring an additional 576,726 shares during the period. Vontobel Holding Ltd. raised its holdings in shares of Iris Energy by 123.1% during the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock valued at $416,000 after purchasing an additional 27,212 shares during the last quarter. Finally, Creative Planning boosted its holdings in Iris Energy by 71.2% in the third quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after purchasing an additional 190,300 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

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.