Iris Energy (NASDAQ:IREN) Trading Down 3.6% – Time to Sell?

Iris Energy Limited (NASDAQ:IREN)’s share price fell 3.6% during trading on Wednesday . The company traded as low as $13.20 and last traded at $13.23. 2,285,386 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 13,746,665 shares. The stock had previously closed at $13.73.

Analysts Set New Price Targets

Several equities research analysts recently commented on IREN shares. B. Riley cut their price target on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, September 13th. Canaccord Genuity Group upped their price objective on Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Macquarie upped their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Compass Point cut their target price on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Finally, Cantor Fitzgerald lifted 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. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.56.

Iris Energy Stock Up 2.3 %

The firm’s fifty day moving average price is $10.81 and its 200-day moving average price is $10.14.

Institutional Trading of Iris Energy

A number of hedge funds have recently made changes to their positions in the stock. AFG Fiduciary Services Limited Partnership acquired a new position in Iris Energy in the third quarter worth approximately $77,000. Covestor Ltd bought a new position in shares of Iris Energy during the 3rd quarter valued at $87,000. Sippican Capital Advisors bought a new stake in Iris Energy in the third quarter worth $94,000. Bluefin Capital Management LLC acquired a new position in Iris Energy during the second quarter worth $113,000. Finally, Seven Eight Capital LP acquired a new stake in shares of Iris Energy in the second quarter worth about $146,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.