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

Iris Energy Limited (NASDAQ:IREN)’s stock price traded down 4% on Monday . The stock traded as low as $10.28 and last traded at $10.35. 2,991,740 shares were traded during trading, a decline of 78% from the average session volume of 13,302,852 shares. The stock had previously closed at $10.78.

Analyst Upgrades and Downgrades

IREN has been the subject of a number of analyst reports. Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a research note on Thursday, August 29th. Compass Point decreased their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Macquarie upped their price objective on Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Roth Mkm initiated coverage on Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 price target on shares of Iris Energy in a research note on Wednesday, October 30th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Iris Energy has an average rating of “Buy” and an average price target of $15.44.

Iris Energy Trading Down 3.4 %

The business has a 50-day moving average price of $9.24 and a 200 day moving average price of $9.39.

Hedge Funds Weigh In On Iris Energy

A number of institutional investors and hedge funds have recently made changes to their positions in IREN. Marshall Wace LLP lifted its holdings in shares of Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after acquiring an additional 958,494 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after purchasing an additional 576,726 shares during the last quarter. D1 Capital Partners L.P. purchased a new position in shares of Iris Energy in the 2nd quarter worth approximately $17,319,000. Hood River Capital Management LLC bought a new position in shares of Iris Energy during the 2nd quarter valued at approximately $13,618,000. Finally, Bank of Montreal Can purchased a new stake in Iris Energy during the 2nd quarter valued at $9,969,000. 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.