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

Shares of Iris Energy Limited (NASDAQ:IREN) gapped down prior to trading on Tuesday . The stock had previously closed at $10.16, but opened at $9.65. Iris Energy shares last traded at $9.09, with a volume of 2,748,709 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IREN. Canaccord Genuity Group raised their price target on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $15.00 price target (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. HC Wainwright increased their price target on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, BTIG Research initiated coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Iris Energy has a consensus rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Price Performance

The company has a 50-day moving average price of $11.46 and a two-hundred day moving average price of $10.16.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. On average, research analysts predict that Iris Energy Limited will post 0.43 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Sippican Capital Advisors grew its position in shares of Iris Energy by 15.1% during the 4th quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock valued at $126,000 after acquiring an additional 1,680 shares during the period. Drive Wealth Management LLC grew its stake in shares of Iris Energy by 5.8% during the 4th quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock worth $390,000 after acquiring an additional 2,193 shares during the period. Stonebridge Financial Group LLC purchased a new stake in Iris Energy in the 4th quarter worth about $29,000. HM Payson & Co. bought a new stake in Iris Energy in the 4th quarter valued at about $30,000. Finally, R Squared Ltd purchased a new stake in Iris Energy during the fourth quarter valued at about $37,000. Institutional investors own 41.08% of the company’s stock.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.