Iris Energy (NASDAQ:IREN) Shares Gap Down to $8.62

Shares of Iris Energy Limited (NASDAQ:IREN) gapped down before the market opened on Monday . The stock had previously closed at $8.62, but opened at $6.32. Iris Energy shares last traded at $7.65, with a volume of 3,885,108 shares traded.

Wall Street Analysts Forecast Growth

IREN has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a report on Wednesday, July 24th. Canaccord Genuity Group upped their target price on Iris Energy from $12.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. increased their price objective on Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. HC Wainwright reiterated a “buy” rating and set a $15.00 price objective on shares of Iris Energy in a research note on Wednesday, July 24th. Finally, B. Riley decreased their target price on Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Friday, July 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Iris Energy has a consensus rating of “Buy” and an average target price of $17.83.

Iris Energy Stock Up 3.2 %

The firm has a fifty day moving average of $11.40 and a 200-day moving average of $7.53.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.04). The business had revenue of $54.35 million during the quarter, compared to analysts’ expectations of $58.41 million. On average, equities analysts forecast that Iris Energy Limited will post -0.01 EPS for the current year.

Institutional Investors Weigh In On Iris Energy

Hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. acquired a new stake in shares of Iris Energy during the first quarter worth about $893,000. Quadrature Capital Ltd acquired a new stake in Iris Energy in the 4th quarter valued at approximately $1,655,000. Commerce Bank acquired a new stake in Iris Energy in the 4th quarter valued at approximately $256,000. Daiwa Securities Group Inc. acquired a new stake in Iris Energy in the 1st quarter valued at approximately $446,000. Finally, Van ECK Associates Corp raised its position in Iris Energy by 23.7% in the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after buying an additional 351,774 shares during the last quarter. Institutional investors and hedge funds 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.