Iris Energy (NASDAQ:IREN) Shares Gap Down to $7.53

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $7.53, but opened at $7.36. Iris Energy shares last traded at $7.13, with a volume of 1,177,841 shares trading hands.

Analyst Ratings Changes

Several research firms have commented on IREN. HC Wainwright dropped their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Macquarie lifted their price target on Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a report on Friday, August 30th. Sanford C. Bernstein started coverage on Iris Energy in a research note on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price objective for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $15.00 target price on shares of Iris Energy in a research note on Thursday, August 29th. Finally, B. Riley cut their price target on shares of Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Friday, July 12th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.25.

Iris Energy Price Performance

The firm’s 50 day moving average price is $9.40 and its two-hundred day moving average price is $7.93.

Institutional Trading of Iris Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jump Financial LLC boosted its holdings in Iris Energy by 33.1% in the 4th quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock valued at $353,000 after purchasing an additional 12,290 shares during the period. Commerce Bank purchased a new position in Iris Energy during the fourth quarter worth about $256,000. Chesapeake Capital Corp IL bought a new position in Iris Energy in the 4th quarter worth about $221,000. Olympiad Research LP purchased a new stake in shares of Iris Energy in the 4th quarter valued at about $173,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Iris Energy during the 4th quarter valued at about $1,655,000. 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.