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

Iris Energy Limited (NASDAQ:IREN)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $6.76, but opened at $6.03. Iris Energy shares last traded at $6.21, with a volume of 2,013,479 shares changing hands.

Analysts Set New Price Targets

IREN has been the subject of a number of research reports. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. HC Wainwright boosted their target price on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. B. Riley raised their price target on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. raised Iris Energy from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $20.40.

Iris Energy Stock Performance

The firm’s 50 day moving average is $9.04 and its 200-day moving average is $10.03.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates 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, research analysts forecast that Iris Energy Limited will post 0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IREN. Arrowstreet Capital Limited Partnership grew its holdings in Iris Energy by 1,307.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock valued at $55,825,000 after purchasing an additional 5,280,999 shares during the period. Vident Advisory LLC grew its stake in shares of Iris Energy by 26.1% during the 4th quarter. Vident Advisory LLC now owns 2,937,918 shares of the company’s stock valued at $28,850,000 after buying an additional 608,736 shares during the period. Invesco Ltd. grew its stake in shares of Iris Energy by 22.5% during the 4th quarter. Invesco Ltd. now owns 2,311,583 shares of the company’s stock valued at $22,700,000 after buying an additional 424,403 shares during the period. Regal Partners Ltd increased its holdings in shares of Iris Energy by 93.9% during the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock worth $16,670,000 after buying an additional 822,251 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in shares of Iris Energy by 193.2% in the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock worth $15,738,000 after buying an additional 1,056,005 shares during the period. Institutional investors and hedge funds 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.