Iris Energy (NASDAQ:IREN) Shares Gap Down – Time to Sell?

Iris Energy Limited (NASDAQ:IREN) shares gapped down before the market opened on Tuesday . The stock had previously closed at $7.57, but opened at $7.15. Iris Energy shares last traded at $6.96, with a volume of 4,601,687 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on IREN. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price target on shares of Iris Energy in a report on Thursday, February 13th. HC Wainwright raised their price target on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. B. Riley boosted their price target on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, BTIG Research began coverage on shares of Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 price target for the company. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Iris Energy has an average rating of “Moderate Buy” and an average price target of $20.70.

Iris Energy Price Performance

The firm’s 50 day simple moving average is $11.07 and its two-hundred day simple moving average is $10.19.

Iris Energy (NASDAQ:IREN) last released its earnings results 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 return on equity of 3.98% and a negative net margin of 17.94%. On average, equities analysts anticipate that Iris Energy Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Baader Bank Aktiengesellschaft raised its holdings in Iris Energy by 66.7% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company’s stock valued at $1,228,000 after buying an additional 50,000 shares during the last quarter. Vontobel Holding Ltd. raised its stake in shares of Iris Energy by 13.4% during the fourth quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company’s stock valued at $549,000 after acquiring an additional 6,601 shares during the last quarter. Main Management ETF Advisors LLC bought a new position in shares of Iris Energy during the third quarter valued at about $760,000. Van ECK Associates Corp boosted its holdings in shares of Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after purchasing an additional 576,726 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Iris Energy by 56.3% in the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after purchasing an additional 264,883 shares during the last quarter. 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.