Iris Energy (NASDAQ:IREN) Shares Gap Down – Here’s Why

Shares of Iris Energy Limited (NASDAQ:IREN) gapped down before the market opened on Monday . The stock had previously closed at $13.32, but opened at $11.64. Iris Energy shares last traded at $10.83, with a volume of 14,622,404 shares.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on IREN shares. Canaccord Genuity Group raised their price target on Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 price target (up from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. B. Riley increased their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Cantor Fitzgerald raised their price target on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Trading Down 23.8 %

The company’s fifty day simple moving average is $11.80 and its 200-day simple moving average is $9.92.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share 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, equities analysts anticipate that Iris Energy Limited will post 0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Truist Financial Corp grew its holdings in shares of Iris Energy by 3.2% during the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after purchasing an additional 1,575 shares during the last quarter. Sippican Capital Advisors lifted its position in Iris Energy by 15.1% during the 4th quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock worth $126,000 after acquiring an additional 1,680 shares during the last quarter. Drive Wealth Management LLC raised its stake in shares of Iris Energy by 5.8% in the fourth quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock valued at $390,000 after purchasing an additional 2,193 shares in the last quarter. R Squared Ltd bought a new stake in Iris Energy in the fourth quarter valued at $37,000. Finally, Evolution Wealth Advisors LLC increased its stake in shares of Iris Energy by 8.7% in the fourth quarter. Evolution Wealth Advisors LLC now owns 47,880 shares of the company’s stock valued at $470,000 after buying an additional 3,830 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.