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

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $10.22, but opened at $9.32. Iris Energy shares last traded at $10.02, with a volume of 5,038,120 shares.

Analyst Ratings Changes

Several brokerages recently issued reports on IREN. BTIG Research began coverage on Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective on the stock. Cantor Fitzgerald increased their price objective on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Canaccord Genuity Group increased their price objective on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. HC Wainwright increased their price objective on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Macquarie increased their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Iris Energy currently has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Trading Up 3.2 %

The firm has a fifty day moving average price of $11.79 and a 200 day moving average price of $9.86.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. As a group, sell-side analysts expect that Iris Energy Limited will post 0.11 earnings per share for the current year.

Institutional Trading of Iris Energy

A number of institutional investors have recently bought and sold shares of IREN. Stonebridge Financial Group LLC acquired a new position in Iris Energy during the 4th quarter valued at approximately $29,000. R Squared Ltd purchased a new stake in shares of Iris Energy during the fourth quarter valued at $37,000. AFG Fiduciary Services Limited Partnership acquired a new position in shares of Iris Energy in the 3rd quarter valued at $77,000. Covestor Ltd purchased a new position in Iris Energy in the 3rd quarter worth $87,000. Finally, Sippican Capital Advisors acquired a new stake in Iris Energy during the 3rd quarter worth about $94,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.