Iris Energy (NASDAQ:IREN) Shares Down 5.9% – Should You Sell?

Shares of Iris Energy Limited (NASDAQ:IREN) fell 5.9% during trading on Tuesday . The stock traded as low as $9.42 and last traded at $9.50. 10,172,122 shares were traded during trading, a decline of 41% from the average session volume of 17,103,824 shares. The stock had previously closed at $10.09.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on IREN shares. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Canaccord Genuity Group upped their price target on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. HC Wainwright increased their price target on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Roth Mkm started coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target on the stock. Finally, BTIG Research assumed coverage on shares of Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Trading Up 3.2 %

The business’s fifty day moving average price is $11.80 and its 200 day moving average price is $9.90.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data 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 return on equity of 8.01% and a negative net margin of 36.10%. On average, research analysts anticipate that Iris Energy Limited will post 0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vontobel Holding Ltd. lifted its holdings in shares of Iris Energy by 13.4% during the 4th quarter. Vontobel Holding Ltd. now owns 55,923 shares of the company’s stock worth $549,000 after acquiring an additional 6,601 shares during the period. Stonebridge Financial Group LLC bought a new position in Iris Energy during the 4th quarter valued at about $29,000. Apollon Wealth Management LLC bought a new position in Iris Energy during the 4th quarter valued at about $156,000. Stratos Wealth Advisors LLC bought a new position in Iris Energy during the 4th quarter valued at about $789,000. Finally, Calamos Advisors LLC bought a new position in Iris Energy during the 4th quarter valued at about $1,899,000. 41.08% of the stock is owned by institutional investors.

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.