Iris Energy (NASDAQ:IREN) Shares Down 4% – What’s Next?

Iris Energy Limited (NASDAQ:IREN)’s stock price was down 4% on Tuesday . The stock traded as low as $7.31 and last traded at $7.38. Approximately 2,352,743 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 15,253,584 shares. The stock had previously closed at $7.69.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IREN shares. JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $15.00 to $12.00 in a research report on Thursday, March 13th. BTIG Research began coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective for the company. Macquarie raised their target price on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. B. Riley lifted their target price on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, HC Wainwright increased their price target on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Iris Energy has an average rating of “Buy” and a consensus target price of $20.40.

Iris Energy Stock Down 4.2 %

The company has a fifty day moving average price of $9.99 and a two-hundred day moving average price of $10.12.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Analysts forecast that Iris Energy Limited will post 0.43 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IREN. Charles Schwab Investment Management Inc. grew its holdings in shares of Iris Energy by 8.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 362,026 shares of the company’s stock worth $3,055,000 after acquiring an additional 29,311 shares during the last quarter. Centaurus Financial Inc. purchased a new position in Iris Energy in the 3rd quarter worth about $272,000. Dynamic Technology Lab Private Ltd acquired a new stake in Iris Energy during the 3rd quarter worth about $1,371,000. Corsair Capital Management L.P. purchased a new stake in Iris Energy during the third quarter valued at about $782,000. Finally, Capstone Investment Advisors LLC purchased a new stake in Iris Energy during the third quarter valued at about $295,000. 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.