Iris Energy (NASDAQ:IREN) Shares Down 5.1%

Iris Energy Limited (NASDAQ:IREN) shares traded down 5.1% on Thursday . The stock traded as low as $12.23 and last traded at $12.24. 11,213,451 shares were traded during mid-day trading, a decline of 1% from the average session volume of 11,381,176 shares. The stock had previously closed at $12.90.

Analyst Ratings Changes

Several equities analysts have recently commented on IREN shares. Canaccord Genuity Group increased their price target on shares of Iris Energy from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Sanford C. Bernstein initiated coverage on Iris Energy in a report on Wednesday. They set an “outperform” rating and a $26.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Iris Energy in a research note on Thursday, May 16th. Finally, Cantor Fitzgerald upgraded shares of Iris Energy to a “strong-buy” rating in a research note on Wednesday, June 12th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $17.71.

Iris Energy Stock Down 13.2 %

The company has a 50-day simple moving average of $9.76 and a two-hundred day simple moving average of $7.02.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The company had revenue of $54.35 million for the quarter, compared to analyst estimates of $58.41 million. Equities analysts anticipate that Iris Energy Limited will post 0.01 EPS for the current fiscal year.

Institutional Trading of Iris Energy

Large investors have recently added to or reduced their stakes in the business. Tucker Asset Management LLC acquired a new stake in Iris Energy in the third quarter worth about $47,000. VitalStone Financial LLC raised its position in shares of Iris Energy by 373.9% during the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after buying an additional 11,030 shares in the last quarter. CCG Wealth Management LLC acquired a new stake in shares of Iris Energy in the 1st quarter worth approximately $72,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Iris Energy during the fourth quarter valued at approximately $84,000. Finally, PEAK6 Investments LLC acquired a new stake in Iris Energy in the first quarter worth approximately $133,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.