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

Iris Energy Limited (NASDAQ:IREN) shares gapped down before the market opened on Tuesday . The stock had previously closed at $11.99, but opened at $11.22. Iris Energy shares last traded at $10.26, with a volume of 7,730,613 shares trading hands.

Wall Street Analyst Weigh In

IREN has been the topic of a number of research analyst reports. Cantor Fitzgerald boosted their price target on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Roth Mkm initiated 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. Macquarie raised their target price on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. HC Wainwright lifted their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, Canaccord Genuity Group increased their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Stock Up 5.3 %

The business’s fifty day moving average price is $11.71 and its two-hundred day moving average price is $9.96.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings data on Tuesday, November 26th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate 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 year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. R Squared Ltd purchased a new stake in shares of Iris Energy in the fourth quarter valued at approximately $37,000. AFG Fiduciary Services Limited Partnership acquired a new position in Iris Energy during the 3rd quarter valued at approximately $77,000. Bluefin Capital Management LLC acquired a new position in shares of Iris Energy in the 2nd quarter valued at $113,000. Covestor Ltd purchased a new position in Iris Energy during the 3rd quarter worth approximately $87,000. Finally, Sippican Capital Advisors purchased a new stake in shares of Iris Energy in the 3rd quarter valued at $94,000. 41.08% of the stock is owned by hedge funds and other 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.