Iris Energy (NASDAQ:IREN) Shares Gap Down – Time to Sell?

Iris Energy Limited (NASDAQ:IREN) shares gapped down prior to trading on Tuesday . The stock had previously closed at $7.35, but opened at $7.10. Iris Energy shares last traded at $6.97, with a volume of 1,408,850 shares changing hands.

Analyst Ratings Changes

Several research firms recently issued reports on IREN. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised Iris Energy from a “neutral” rating to an “overweight” rating and dropped their price target for the company from $15.00 to $12.00 in a research report on Thursday, March 13th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. B. Riley upped their price target on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Macquarie upped their price target on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $20.40.

Iris Energy Stock Up 9.3 %

The company has a 50-day simple moving average of $10.19 and a two-hundred day simple moving average of $10.10.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Stonebridge Financial Group LLC bought a new position in shares of Iris Energy in the fourth quarter worth $29,000. HM Payson & Co. bought a new position in shares of Iris Energy in the fourth quarter worth $30,000. R Squared Ltd bought a new position in shares of Iris Energy in the fourth quarter worth $37,000. Main Management LLC bought a new position in shares of Iris Energy in the fourth quarter worth $49,000. Finally, Tower Research Capital LLC TRC boosted its stake in Iris Energy by 1,059.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock valued at $82,000 after buying an additional 7,646 shares in the last quarter. 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.