Iris Energy (NASDAQ:IREN) Stock Price Down 5.8% – Here’s What Happened

Iris Energy Limited (NASDAQ:IREN) shares traded down 5.8% on Monday . The company traded as low as $12.60 and last traded at $12.72. 11,345,866 shares were traded during trading, a decline of 16% from the average session volume of 13,529,349 shares. The stock had previously closed at $13.51.

Wall Street Analyst Weigh In

IREN has been the topic of a number of recent research reports. Roth Capital raised Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. HC Wainwright increased their price objective on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. B. Riley cut their target price on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Cantor Fitzgerald raised their price target on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Iris Energy currently has a consensus rating of “Buy” and a consensus target price of $16.33.

Iris Energy Stock Performance

The stock’s 50 day simple moving average is $9.63 and its two-hundred day simple moving average is $9.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AFG Fiduciary Services Limited Partnership acquired a new stake in Iris Energy during the third quarter worth about $77,000. Covestor Ltd acquired a new stake in Iris Energy during the 3rd quarter worth approximately $87,000. Sippican Capital Advisors purchased a new position in Iris Energy in the third quarter valued at approximately $94,000. Bluefin Capital Management LLC acquired a new position in Iris Energy during the second quarter valued at approximately $113,000. Finally, Seven Eight Capital LP acquired a new position in Iris Energy during the second quarter valued at approximately $146,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.