Iris Energy (NASDAQ:IREN) Shares Gap Down to $7.53

Iris Energy Limited (NASDAQ:IREN) shares gapped down before the market opened on Wednesday . The stock had previously closed at $7.53, but opened at $7.36. Iris Energy shares last traded at $7.13, with a volume of 1,177,841 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have issued reports on IREN. JPMorgan Chase & Co. cut their price target on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. Compass Point cut their target price on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Macquarie lifted their target price on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. B. Riley dropped their price target on Iris Energy from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, July 12th. Finally, Cantor Fitzgerald reduced their price objective on shares of Iris Energy from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, August 29th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Iris Energy presently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

Iris Energy Stock Performance

The company’s 50-day simple moving average is $9.13 and its 200 day simple moving average is $7.93.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. D1 Capital Partners L.P. purchased a new position in Iris Energy during the second quarter worth $17,319,000. Hood River Capital Management LLC purchased a new position in shares of Iris Energy during the 2nd quarter worth about $13,618,000. Marshall Wace LLP grew its holdings in Iris Energy by 33.6% during the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares during the last quarter. Bank of Montreal Can purchased a new stake in Iris Energy in the 2nd quarter worth about $9,969,000. Finally, Vident Advisory LLC lifted its stake in Iris Energy by 58.0% in the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after purchasing an additional 717,843 shares during the last quarter. 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.