Iris Energy (NASDAQ:IREN) Stock Price Down 10.9% – What’s Next?

Iris Energy Limited (NASDAQ:IREN) was down 10.9% during trading on Friday . The stock traded as low as $11.18 and last traded at $11.02. Approximately 12,223,263 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 16,119,420 shares. The stock had previously closed at $12.36.

Analysts Set New Price Targets

Several research analysts have recently commented on IREN shares. HC Wainwright lifted their price target on shares of Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of Iris Energy in a research note on Thursday, February 13th. Macquarie upped their price target on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $15.00 price target (up from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Finally, B. Riley upped their price target on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.70.

Iris Energy Stock Down 12.0 %

The business’s fifty day moving average is $11.53 and its 200 day moving average is $10.12.

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, beating 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%. On average, analysts predict that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. JT Stratford LLC grew its position 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 acquiring an additional 18,398 shares in the last quarter. Two Seas Capital LP grew its position 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 acquiring an additional 585,000 shares in the last quarter. Continuum Advisory LLC grew its position in Iris Energy by 11.3% in the fourth quarter. Continuum Advisory LLC now owns 56,678 shares of the company’s stock worth $557,000 after acquiring an additional 5,772 shares in the last quarter. Vident Advisory LLC grew its position in Iris Energy by 26.1% in the fourth quarter. Vident Advisory LLC now owns 2,937,918 shares of the company’s stock worth $28,850,000 after acquiring an additional 608,736 shares in the last quarter. Finally, Twinbeech Capital LP bought a new stake in Iris Energy in the fourth quarter worth approximately $4,324,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.