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

Iris Energy Limited (NASDAQ:IREN) shares gapped down prior to trading on Tuesday . The stock had previously closed at $10.41, but opened at $9.99. Iris Energy shares last traded at $10.00, with a volume of 2,275,609 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on IREN shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 target price on shares of Iris Energy in a research note on Wednesday, October 30th. Canaccord Genuity Group restated a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a report on Thursday, August 29th. B. Riley decreased their target price on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Roth Mkm started coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target for the company. Finally, JPMorgan Chase & Co. dropped their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $15.44.

Iris Energy Stock Down 4.6 %

The business’s fifty day moving average price is $9.29 and its two-hundred day moving average price is $9.43.

Hedge Funds Weigh In On Iris Energy

Hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. purchased a new stake in Iris Energy in the 1st quarter valued at about $893,000. Central Asset Investments & Management Holdings HK Ltd acquired a new position in Iris Energy during the 2nd quarter valued at approximately $779,000. Van ECK Associates Corp increased its stake in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after acquiring an additional 576,726 shares during the period. Vontobel Holding Ltd. boosted its holdings in Iris Energy by 123.1% during the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after buying an additional 27,212 shares in the last quarter. Finally, Creative Planning boosted its holdings in Iris Energy by 71.2% during the third quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after buying an additional 190,300 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors.

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.