Iris Energy (NASDAQ:IREN) Shares Gap Down to $11.58

Shares of Iris Energy Limited (NASDAQ:IREN) gapped down before the market opened on Tuesday . The stock had previously closed at $11.58, but opened at $11.21. Iris Energy shares last traded at $11.36, with a volume of 4,292,598 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. Canaccord Genuity Group raised their target price on shares of Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Cantor Fitzgerald raised shares of Iris Energy to a “strong-buy” rating in a research report on Wednesday, June 12th. B. Riley decreased their target price on shares of Iris Energy from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Friday, July 12th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $10.00 target price on shares of Iris Energy in a research report on Thursday, May 16th. 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 has an average rating of “Buy” and a consensus target price of $16.50.

Iris Energy Stock Performance

The business’s 50 day moving average price is $10.81 and its 200-day moving average price is $7.22.

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

Institutional Trading of Iris Energy

A number of hedge funds have recently modified their holdings of IREN. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Iris Energy by 52.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after buying an additional 356,752 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in shares of Iris Energy by 123.2% during the 4th quarter. Vontobel Holding Ltd. now owns 62,791 shares of the company’s stock worth $449,000 after buying an additional 34,662 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Iris Energy by 32.9% during the 4th quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock worth $10,624,000 after buying an additional 368,140 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in shares of Iris Energy during the 4th quarter worth about $84,000. Finally, Jump Financial LLC lifted its stake in shares of Iris Energy by 33.1% during the 4th quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock worth $353,000 after buying an additional 12,290 shares during the last quarter. 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.