Iris Energy (NASDAQ:IREN) Trading Down 4% – Here’s What Happened

Iris Energy Limited (NASDAQ:IREN) fell 4% on Tuesday . The company traded as low as $7.31 and last traded at $7.38. 2,352,743 shares were traded during mid-day trading, a decline of 85% from the average session volume of 15,253,584 shares. The stock had previously closed at $7.69.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on IREN. JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and dropped their price objective for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. Canaccord Genuity Group lifted their price target on shares of Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. Cantor Fitzgerald restated an “overweight” rating and set a $23.00 target price on shares of Iris Energy in a research note on Thursday, February 13th. Finally, Macquarie boosted their price target on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $20.40.

Iris Energy Price Performance

The firm has a 50-day moving average price of $9.99 and a 200 day moving average price of $10.12.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates 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%. Research analysts expect that Iris Energy Limited will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership boosted its stake in Iris Energy by 1,307.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock valued at $55,825,000 after acquiring an additional 5,280,999 shares during the period. Vident Advisory LLC lifted its holdings in shares of Iris Energy by 26.1% in the 4th quarter. Vident Advisory LLC now owns 2,937,918 shares of the company’s stock worth $28,850,000 after purchasing an additional 608,736 shares during the last quarter. Invesco Ltd. boosted its position in Iris Energy by 22.5% during the 4th quarter. Invesco Ltd. now owns 2,311,583 shares of the company’s stock valued at $22,700,000 after purchasing an additional 424,403 shares during the period. Regal Partners Ltd grew its stake in Iris Energy by 93.9% during the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock worth $16,670,000 after buying an additional 822,251 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in Iris Energy by 193.2% in the fourth quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock worth $15,738,000 after buying an additional 1,056,005 shares during the period. 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.