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

Iris Energy Limited (NASDAQ:IREN) gapped down before the market opened 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 Ratings Changes

Several research analysts have recently commented on IREN shares. Canaccord Genuity Group lifted their price objective on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday. Compass Point decreased their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Wednesday. Roth Mkm began coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price on the stock. Finally, Cantor Fitzgerald upped their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Iris Energy has a consensus rating of “Buy” and an average price target of $16.33.

Iris Energy Trading Up 29.7 %

The firm has a 50-day simple moving average of $9.32 and a 200 day simple moving average of $9.46.

Institutional Trading of Iris Energy

Hedge funds have recently made changes to their positions in the stock. PEAK6 Investments LLC bought a new position in Iris Energy during the 1st quarter valued at approximately $133,000. Goldentree Asset Management LP bought a new position in Iris Energy in the 1st quarter worth about $626,000. Cambridge Investment Research Advisors Inc. grew its position in Iris Energy by 1,521.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock valued at $2,123,000 after purchasing an additional 176,451 shares during the last quarter. MKP Capital Management L.L.C. purchased a new stake in Iris Energy during the 2nd quarter valued at about $3,139,000. Finally, X Square Capital LLC bought a new stake in Iris Energy during the 2nd quarter valued at about $508,000. 41.08% of the stock is 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.