Iris Energy (NASDAQ:IREN) Stock Price Down 3.6% – Time to Sell?

Iris Energy Limited (NASDAQ:IREN)’s share price dropped 3.6% during trading on Wednesday . The stock traded as low as $13.20 and last traded at $13.23. Approximately 2,285,386 shares traded hands during trading, a decline of 83% from the average daily volume of 13,746,665 shares. The stock had previously closed at $13.73.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Canaccord Genuity Group increased their target price on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Cantor Fitzgerald boosted their price target on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Finally, Compass Point reduced their price objective on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Iris Energy currently has a consensus rating of “Moderate Buy” and an average target price of $17.56.

Iris Energy Price Performance

The business has a 50 day moving average price of $10.81 and a 200 day moving average price of $10.14.

Institutional Trading of Iris Energy

Hedge funds have recently added to or reduced their stakes in the business. Bluefin Capital Management LLC acquired a new stake in shares of Iris Energy in the 2nd quarter valued at about $113,000. AFG Fiduciary Services Limited Partnership bought a new stake in shares of Iris Energy in the 3rd quarter valued at about $77,000. Covestor Ltd bought a new stake in Iris Energy in the third quarter valued at approximately $87,000. Sippican Capital Advisors acquired a new stake in Iris Energy during the 3rd quarter valued at $94,000. Finally, Seven Eight Capital LP bought a new position in Iris Energy during the second quarter worth $146,000. 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.