Iris Energy (NASDAQ:IREN) Shares Gap Down – Time to Sell?

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $7.35, but opened at $7.10. Iris Energy shares last traded at $6.97, with a volume of 1,408,850 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IREN. BTIG Research assumed coverage on Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. B. Riley increased their price target on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Macquarie boosted their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. raised Iris Energy from a “neutral” rating to an “overweight” rating and dropped their price objective for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. Finally, Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. One investment 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 company’s stock. According to data from MarketBeat.com, Iris Energy presently has a consensus rating of “Buy” and an average price target of $20.40.

Iris Energy Trading Down 5.0 %

The firm has a fifty day moving average price of $10.35 and a 200-day moving average price of $10.13.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) 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%. Research analysts expect that Iris Energy Limited will post 0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Iris Energy by 1,307.7% in the 4th 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 last quarter. Discovery Capital Management LLC CT purchased a new position in shares of Iris Energy in the 4th quarter valued at $11,544,000. Two Sigma Investments LP boosted its position in Iris Energy by 193.2% during the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock worth $15,738,000 after purchasing an additional 1,056,005 shares during the period. Regal Partners Ltd increased its holdings in Iris Energy by 93.9% in the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock valued at $16,670,000 after purchasing an additional 822,251 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in Iris Energy in the fourth quarter valued at about $7,162,000. 41.08% of the stock is currently owned by hedge funds and other 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.