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

Iris Energy Limited (NASDAQ:IREN) shares gapped down before the market opened on Monday . The stock had previously closed at $13.32, but opened at $11.64. Iris Energy shares last traded at $10.83, with a volume of 14,622,404 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on IREN shares. Macquarie increased their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group raised their price target on Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Roth Mkm assumed coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective for the company. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $15.00 target price (up from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Finally, B. Riley increased their price target on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Stock Performance

The firm’s 50-day simple moving average is $11.79 and its 200-day simple moving average is $9.90.

Iris Energy (NASDAQ:IREN) last issued its earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. As a group, equities research analysts anticipate that Iris Energy Limited will post 0.12 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. R Squared Ltd purchased a new position in shares of Iris Energy in the fourth quarter valued at about $37,000. AFG Fiduciary Services Limited Partnership purchased a new position in Iris Energy during the 3rd quarter valued at about $77,000. Bluefin Capital Management LLC bought a new position in Iris Energy during the 2nd quarter valued at approximately $113,000. Covestor Ltd purchased a new stake in Iris Energy in the 3rd quarter worth approximately $87,000. Finally, Sippican Capital Advisors bought a new stake in shares of Iris Energy in the 3rd quarter worth approximately $94,000. 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.