Iris Energy (NASDAQ:IREN) Shares Gap Down – What’s Next?

Shares of Iris Energy Limited (NASDAQ:IREN) gapped down prior to trading on Monday . The stock had previously closed at $11.00, but opened at $10.32. Iris Energy shares last traded at $10.40, with a volume of 2,452,604 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on IREN shares. BTIG Research assumed coverage on shares of Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. Cantor Fitzgerald boosted their price objective on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Roth Mkm began coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price target for the company. HC Wainwright boosted their price objective on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, B. Riley raised their price target on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Stock Performance

The firm’s 50 day moving average price is $11.62 and its 200 day moving average price is $10.05.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in shares of Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after acquiring an additional 264,883 shares during the period. Sender Co & Partners Inc. purchased a new position in shares of Iris Energy during the third quarter valued at approximately $561,000. Continuum Advisory LLC bought a new position in shares of Iris Energy during the 3rd quarter valued at $430,000. Y Intercept Hong Kong Ltd lifted its holdings in Iris Energy by 592.2% in the third quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock valued at $1,745,000 after acquiring an additional 176,843 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new position in shares of Iris Energy in the third quarter worth approximately $760,000. Hedge funds and other institutional investors 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.