Iris Energy (NASDAQ:IREN) Shares Gap Down – Should You Sell?

Iris Energy Limited (NASDAQ:IREN) shares gapped down before the market opened on Tuesday . The stock had previously closed at $11.99, but opened at $11.22. Iris Energy shares last traded at $10.26, with a volume of 7,730,613 shares.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. BTIG Research assumed coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. Roth Mkm assumed coverage on Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price for the company. HC Wainwright upped their price target on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Canaccord Genuity Group lifted their price target on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, B. Riley upped their target price on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Two 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Trading Up 5.3 %

The company has a fifty day moving average of $11.71 and a 200-day moving average of $9.96.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate 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, analysts predict that Iris Energy Limited will post 0.12 EPS for the current year.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. Marshall Wace LLP lifted its position in shares of Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after purchasing an additional 958,494 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Iris Energy by 56.1% during the 3rd 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. Bank of Montreal Can bought a new position in Iris Energy in the second quarter valued at about $9,969,000. Regal Partners Ltd grew its stake in shares of Iris Energy by 2.7% during the third quarter. Regal Partners Ltd now owns 875,303 shares of the company’s stock worth $7,388,000 after buying an additional 23,132 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after buying an additional 264,883 shares during the period. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.