Iris Energy (NASDAQ:IREN) Shares Down 2.9% – Should You Sell?

Shares of Iris Energy Limited (NASDAQ:IREN) dropped 2.9% on Tuesday . The stock traded as low as $5.65 and last traded at $5.58. Approximately 1,760,294 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 15,356,234 shares. The stock had previously closed at $5.75.

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of research analyst reports. BTIG Research initiated coverage on Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. Canaccord Genuity Group upped their target price on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. HC Wainwright lifted their price target on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th. Finally, JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and dropped their target price for the stock from $15.00 to $12.00 in a report on Thursday, March 13th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $20.40.

Iris Energy Stock Performance

The company’s 50 day moving average price is $8.01 and its two-hundred day moving average price is $9.83.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. As a group, equities research analysts forecast that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. State Street Corp raised its position in shares of Iris Energy by 62.2% during the 3rd quarter. State Street Corp now owns 79,759 shares of the company’s stock valued at $673,000 after purchasing an additional 30,576 shares during the period. Wellington Management Group LLP increased its stake in Iris Energy by 28.3% in the 3rd quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock worth $309,000 after buying an additional 8,092 shares in the last quarter. Geode Capital Management LLC raised its holdings in Iris Energy by 56.3% during the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after acquiring an additional 264,883 shares during the period. Harbour Capital Advisors LLC bought a new stake in Iris Energy during the fourth quarter valued at about $282,000. Finally, XML Financial LLC purchased a new position in shares of Iris Energy in the fourth quarter valued at about $196,000. Institutional investors 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.