Iris Energy (NASDAQ:IREN) Shares Down 5.9% – What’s Next?

Iris Energy Limited (NASDAQ:IREN) dropped 5.9% during mid-day trading on Tuesday . The company traded as low as $9.42 and last traded at $9.50. Approximately 10,172,122 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 17,103,824 shares. The stock had previously closed at $10.09.

Analyst Ratings Changes

IREN has been the topic of a number of research analyst reports. Cantor Fitzgerald boosted their target price on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. BTIG Research started coverage on Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. B. Riley raised their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Macquarie raised their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Roth Mkm started coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target for the company. Two 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 MarketBeat.com, Iris Energy has an average rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Price Performance

The business’s 50 day moving average price is $11.80 and its 200-day moving average price is $9.90.

Iris Energy (NASDAQ:IREN) last issued its earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. Sell-side analysts forecast that Iris Energy Limited will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors have recently modified their holdings of IREN. Susquehanna Fundamental Investments LLC bought a new position in Iris Energy in the 2nd quarter worth about $1,401,000. Point72 Asset Management L.P. grew its position in Iris Energy by 478.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 164,800 shares of the company’s stock worth $1,861,000 after purchasing an additional 136,300 shares during the last quarter. Truist Financial Corp grew its position in Iris Energy by 3.2% in the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after purchasing an additional 1,575 shares during the last quarter. Dana Investment Advisors Inc. bought a new position in Iris Energy in the 2nd quarter worth about $161,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of Iris Energy in the second quarter valued at approximately $149,000. Institutional investors own 41.08% of the company’s stock.

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.