Iris Energy (NASDAQ:IREN) Shares Gap Up to $11.99

Iris Energy Limited (NASDAQ:IREN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $11.99, but opened at $12.30. Iris Energy shares last traded at $12.59, with a volume of 4,416,861 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. HC Wainwright reiterated a “buy” rating and set a $10.00 price target on shares of Iris Energy in a research note on Thursday, May 16th. B. Riley lowered their target price on Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. increased their target price on Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Canaccord Genuity Group increased their price objective on Iris Energy from $9.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Finally, Sanford C. Bernstein started coverage on Iris Energy in a research report on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price target for the company. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $17.57.

Iris Energy Stock Performance

The company has a 50-day moving average of $10.18 and a 200-day moving average of $7.07.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.04). The business had revenue of $54.35 million during the quarter, compared to the consensus estimate of $58.41 million.

Hedge Funds Weigh In On Iris Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. VitalStone Financial LLC lifted its position in shares of Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after purchasing an additional 11,030 shares in the last quarter. CCG Wealth Management LLC acquired a new position in Iris Energy in the 1st quarter worth $72,000. Counterpoint Mutual Funds LLC acquired a new position in Iris Energy in the 4th quarter worth $84,000. PEAK6 Investments LLC acquired a new position in Iris Energy in the 1st quarter worth $133,000. Finally, Olympiad Research LP acquired a new position in Iris Energy in the 4th quarter worth $173,000. Hedge funds and other 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.