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

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $10.16, but opened at $9.65. Iris Energy shares last traded at $9.09, with a volume of 2,748,709 shares traded.

Analysts Set New Price Targets

A number of research firms have weighed in on IREN. HC Wainwright lifted their target price on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Canaccord Genuity Group boosted their price objective on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Macquarie increased their target price on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. Finally, BTIG Research began coverage on Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Iris Energy presently has an average rating of “Moderate Buy” and an average price target of $20.70.

Iris Energy Price Performance

The stock has a 50-day simple moving average of $11.46 and a two-hundred day simple moving average of $10.16.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. As a group, equities analysts forecast that Iris Energy Limited will post 0.43 earnings per share for the current year.

Institutional Trading of Iris Energy

Hedge funds have recently bought and sold shares of the company. Sippican Capital Advisors raised its position in Iris Energy by 15.1% in the fourth quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock worth $126,000 after acquiring an additional 1,680 shares during the period. Drive Wealth Management LLC raised its position in shares of Iris Energy by 5.8% during the 4th quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock valued at $390,000 after purchasing an additional 2,193 shares during the period. Stonebridge Financial Group LLC bought a new position in Iris Energy in the 4th quarter worth $29,000. HM Payson & Co. bought a new stake in Iris Energy during the fourth quarter valued at about $30,000. Finally, R Squared Ltd bought a new position in shares of Iris Energy in the fourth quarter worth about $37,000. 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.