Iris Energy (NASDAQ:IREN) Stock Price Down 10.9% – What’s Next?

Iris Energy Limited (NASDAQ:IREN)’s share price fell 10.9% on Friday . The company traded as low as $11.18 and last traded at $11.02. 12,223,263 shares were traded during mid-day trading, a decline of 24% from the average session volume of 16,119,420 shares. The stock had previously closed at $12.36.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on IREN. Canaccord Genuity Group raised their price target on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. BTIG Research initiated coverage on shares of Iris Energy in a report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company. HC Wainwright lifted their target price on shares of Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $23.00 price target on shares of Iris Energy in a research note on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Iris Energy has an average rating of “Moderate Buy” and a consensus price target of $20.70.

Iris Energy Trading Down 12.0 %

The firm’s 50-day simple moving average is $11.53 and its two-hundred day simple moving average is $10.12.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, beating 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%. Equities analysts anticipate that Iris Energy Limited will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

Several institutional investors and hedge funds have recently modified their holdings of the company. Stonebridge Financial Group LLC acquired a new stake in shares of Iris Energy in the fourth quarter worth $29,000. HM Payson & Co. purchased a new stake in Iris Energy during the 4th quarter worth $30,000. R Squared Ltd purchased a new stake in Iris Energy during the 4th quarter worth $37,000. Main Management LLC purchased a new stake in Iris Energy during the 4th quarter worth $49,000. Finally, Tower Research Capital LLC TRC increased its stake in Iris Energy by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after buying an additional 7,646 shares during the period. Hedge funds and other 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.