Iris Energy (NASDAQ:IREN) Shares Gap Down – Time to Sell?

Iris Energy Limited (NASDAQ:IREN) gapped down before the market opened on Tuesday . The stock had previously closed at $12.75, but opened at $12.12. Iris Energy shares last traded at $12.22, with a volume of 4,883,711 shares changing hands.

Wall Street Analysts Forecast Growth

IREN has been the subject of several recent analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $15.00 price target on shares of Iris Energy in a research report on Thursday, August 29th. JPMorgan Chase & Co. cut their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. Roth Mkm began coverage on Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price on the stock. Compass Point reduced their price target on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Finally, Needham & Company LLC assumed coverage on shares of Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Iris Energy has an average rating of “Buy” and a consensus target price of $15.44.

Iris Energy Trading Down 12.3 %

The stock has a fifty day simple moving average of $8.80 and a 200 day simple moving average of $9.09.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Bluefin Capital Management LLC purchased a new stake in Iris Energy during the 2nd quarter valued at approximately $113,000. AFG Fiduciary Services Limited Partnership purchased a new position in Iris Energy during the third quarter valued at $77,000. Covestor Ltd purchased a new position in Iris Energy during the third quarter valued at $87,000. Sippican Capital Advisors bought a new stake in Iris Energy in the 3rd quarter valued at $94,000. Finally, Seven Eight Capital LP purchased a new stake in Iris Energy in the 2nd quarter worth $146,000. 41.08% of the stock is owned by hedge funds and other 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.