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

Iris Energy Limited (NASDAQ:IREN) shares gapped down prior to trading on Tuesday . The stock had previously closed at $11.99, but opened at $11.22. Iris Energy shares last traded at $10.26, with a volume of 7,730,613 shares traded.

Analysts Set New Price Targets

Several research analysts recently issued reports on IREN shares. BTIG Research initiated coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective for the company. B. Riley upped their target price on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, December 19th. HC Wainwright lifted their target price on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Macquarie lifted their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Canaccord Genuity Group boosted their target price on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. 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. According to MarketBeat, Iris Energy currently has an average rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Stock Performance

The firm has a 50 day moving average price of $11.72 and a two-hundred day moving average price of $9.97.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Truist Financial Corp boosted its position in Iris Energy by 3.2% during the second 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 period. Evolution Wealth Advisors LLC increased its stake in shares of Iris Energy by 8.7% in the fourth quarter. Evolution Wealth Advisors LLC now owns 47,880 shares of the company’s stock worth $470,000 after purchasing an additional 3,830 shares during the period. Chesapeake Capital Corp IL lifted its position in shares of Iris Energy by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock worth $157,000 after purchasing an additional 3,861 shares during the last quarter. Chicago Partners Investment Group LLC lifted its holdings in shares of Iris Energy by 13.2% during the third quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock worth $473,000 after buying an additional 6,347 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Iris Energy by 28.3% in the third quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock valued at $309,000 after acquiring an additional 8,092 shares during the period. 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.