Iris Energy (NASDAQ:IREN) Stock Price Down 4% – What’s Next?

Shares of Iris Energy Limited (NASDAQ:IREN) traded down 4% during trading on Tuesday . The stock traded as low as $7.31 and last traded at $7.38. 2,352,743 shares were traded during trading, a decline of 85% from the average session volume of 15,253,584 shares. The stock had previously closed at $7.69.

Analysts Set New Price Targets

IREN has been the topic of several analyst reports. BTIG Research started coverage on Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. JPMorgan Chase & Co. raised Iris Energy from a “neutral” rating to an “overweight” rating and cut their target price for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. HC Wainwright increased their target price on Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. Finally, Macquarie increased their price target on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $20.40.

Iris Energy Stock Performance

The stock’s 50-day moving average is $9.83 and its 200 day moving average is $10.11.

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

Institutional Investors Weigh In On Iris Energy

A number of large investors have recently made changes to their positions in IREN. Arrowstreet Capital Limited Partnership increased its holdings in 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 worth $55,825,000 after buying an additional 5,280,999 shares during the period. Vident Advisory LLC boosted its position in Iris Energy by 26.1% during the fourth quarter. Vident Advisory LLC now owns 2,937,918 shares of the company’s stock worth $28,850,000 after purchasing an additional 608,736 shares in the last quarter. Invesco Ltd. lifted its position 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 in the last quarter. Regal Partners Ltd grew its position in shares of Iris Energy by 93.9% in the fourth 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 during the period. Finally, Two Sigma Investments LP increased its stake in shares of Iris Energy by 193.2% during the fourth 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 in the last quarter. 41.08% of the stock is 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.