Iris Energy (NASDAQ:IREN) Shares Gap Down – Here’s What Happened

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $6.76, but opened at $6.03. Iris Energy shares last traded at $6.21, with a volume of 2,013,479 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have weighed in on IREN shares. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a report on Thursday, February 13th. BTIG Research initiated coverage on shares of Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 target price on the stock. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. B. Riley increased their target price 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. Finally, Canaccord Genuity Group upped their price objective on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $20.40.

Iris Energy Stock Performance

The business has a 50-day simple moving average of $9.04 and a two-hundred day simple moving average of $10.03.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. Equities analysts predict that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new stake in Iris Energy in the 4th quarter valued at approximately $29,000. HM Payson & Co. acquired a new stake in shares of Iris Energy in the 4th quarter valued at approximately $30,000. R Squared Ltd purchased a new stake in shares of Iris Energy in the fourth quarter valued at approximately $37,000. Main Management LLC acquired a new position in Iris Energy during the fourth quarter worth $49,000. Finally, Tower Research Capital LLC TRC raised its position in Iris Energy by 1,059.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after acquiring an additional 7,646 shares in the last quarter. 41.08% of the stock is currently 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.