Iris Energy (NASDAQ:IREN) Shares Down 5.2% – Here’s Why

Iris Energy Limited (NASDAQ:IREN)’s stock price was down 5.2% on Wednesday . The company traded as low as $11.17 and last traded at $11.76. Approximately 10,423,722 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 13,165,736 shares. The stock had previously closed at $12.40.

Analysts Set New Price Targets

A number of analysts have weighed in on IREN shares. Needham & Company LLC started coverage on Iris Energy in a research report on Wednesday, September 4th. They issued a “hold” rating for the company. Macquarie boosted their price target on Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Roth Mkm assumed coverage on Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 price objective on shares of Iris Energy in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. cut their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research report on Friday, August 23rd. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $15.44.

Iris Energy Stock Down 11.6 %

The firm has a fifty day simple moving average of $8.72 and a 200 day simple moving average of $9.08.

Institutional Investors Weigh In On Iris Energy

Several large investors have recently modified their holdings of IREN. AFG Fiduciary Services Limited Partnership bought a new stake in shares of Iris Energy in the 3rd quarter valued at approximately $77,000. Covestor Ltd bought a new stake in shares of Iris Energy in the 3rd quarter valued at approximately $87,000. Sippican Capital Advisors bought a new stake in shares of Iris Energy in the 3rd quarter valued at approximately $94,000. Bluefin Capital Management LLC bought a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $113,000. Finally, PEAK6 Investments LLC bought a new stake in shares of Iris Energy in the 1st quarter valued at approximately $133,000. 41.08% of the stock is currently 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.