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

Iris Energy Limited (NASDAQ:IREN) shares gapped down before the market opened on Thursday . The stock had previously closed at $11.81, but opened at $11.48. Iris Energy shares last traded at $11.39, with a volume of 1,010,062 shares.

Analysts Set New Price Targets

Several brokerages have weighed in on IREN. BTIG Research assumed coverage on Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company. JPMorgan Chase & Co. restated a “neutral” rating and issued a $15.00 price objective (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. HC Wainwright increased their target price on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Canaccord Genuity Group boosted their price target on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, Roth Mkm assumed coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Stock Performance

The stock’s 50-day moving average is $11.34 and its 200 day moving average is $10.27.

Institutional Trading of Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Truist Financial Corp increased its position in Iris Energy by 3.2% during the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after buying an additional 1,575 shares in the last quarter. Chesapeake Capital Corp IL grew its stake in shares of Iris Energy by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock worth $157,000 after acquiring an additional 3,861 shares during the last quarter. Chicago Partners Investment Group LLC increased 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 valued at $473,000 after acquiring an additional 6,347 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Iris Energy by 28.3% in the 3rd quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock valued at $309,000 after purchasing an additional 8,092 shares during the last quarter. Finally, Bluefin Capital Management LLC acquired a new stake in Iris Energy in the 2nd quarter worth approximately $113,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.