Iris Energy (NASDAQ:IREN) Shares Down 2.9% – What’s Next?

Iris Energy Limited (NASDAQ:IREN) shares dropped 2.9% during mid-day trading on Tuesday . The stock traded as low as $5.65 and last traded at $5.58. Approximately 1,760,294 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 15,356,234 shares. The stock had previously closed at $5.75.

Analyst Ratings Changes

Several equities research analysts recently issued reports on IREN shares. BTIG Research began coverage on shares of Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and lowered their price target for the stock from $15.00 to $12.00 in a report on Thursday, March 13th. Canaccord Genuity Group raised their price objective on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, February 13th. B. Riley upped their target price on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, HC Wainwright lifted 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. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Iris Energy currently has an average rating of “Buy” and an average price target of $20.40.

Iris Energy Price Performance

The firm’s fifty day moving average price is $8.28 and its two-hundred day moving average price is $9.90.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates 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%. On average, research analysts expect that Iris Energy Limited will post 0.43 EPS for the current year.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in shares of Iris Energy during the first quarter valued at approximately $592,000. Farther Finance Advisors LLC increased its position in shares of Iris Energy by 57.3% during the first quarter. Farther Finance Advisors LLC now owns 15,654 shares of the company’s stock valued at $104,000 after buying an additional 5,700 shares during the period. JT Stratford LLC raised its stake in Iris Energy by 104.1% in the fourth quarter. JT Stratford LLC now owns 36,063 shares of the company’s stock worth $354,000 after buying an additional 18,398 shares in the last quarter. Two Seas Capital LP lifted its holdings in Iris Energy by 212.7% in the fourth quarter. Two Seas Capital LP now owns 860,000 shares of the company’s stock worth $8,445,000 after buying an additional 585,000 shares during the period. Finally, Continuum Advisory LLC boosted its position in Iris Energy by 11.3% during the 4th quarter. Continuum Advisory LLC now owns 56,678 shares of the company’s stock valued at $557,000 after acquiring an additional 5,772 shares in the last quarter. 41.08% of the stock is currently owned by 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.