Iris Energy (NASDAQ:IREN) Shares Gap Up to $11.29

Iris Energy Limited (NASDAQ:IREN) shares gapped up prior to trading on Monday . The stock had previously closed at $11.29, but opened at $11.59. Iris Energy shares last traded at $11.92, with a volume of 2,757,015 shares changing hands.

Analyst Upgrades and Downgrades

IREN has been the subject of several recent research reports. Canaccord Genuity Group boosted their price target on Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. B. Riley upped their target price on Iris Energy from $9.50 to $18.00 and gave the company a “buy” rating in a research report on Monday, June 24th. HC Wainwright reiterated a “buy” rating and set a $10.00 target price on shares of Iris Energy in a research report on Thursday, May 16th. JPMorgan Chase & Co. upped their target price on Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. Finally, Cantor Fitzgerald upgraded Iris Energy to a “strong-buy” rating in a research report on Wednesday, June 12th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $16.33.

Iris Energy Trading Up 9.9 %

The firm has a 50-day moving average of $8.34 and a two-hundred day moving average of $6.60.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.04). The company had revenue of $54.35 million during the quarter, compared to analyst estimates of $58.41 million. On average, analysts predict that Iris Energy Limited will post 0.01 earnings per share for the current year.

Institutional Trading of Iris Energy

Several institutional investors and hedge funds have recently modified their holdings of the business. Quadrature Capital Ltd acquired a new position in Iris Energy in the 4th quarter worth about $1,655,000. Commerce Bank acquired a new position in Iris Energy in the 4th quarter worth about $256,000. Jump Financial LLC increased its holdings in Iris Energy by 33.1% in the 4th quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock worth $353,000 after purchasing an additional 12,290 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Iris Energy by 52.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after purchasing an additional 356,752 shares in the last quarter. Finally, Chesapeake Capital Corp IL acquired a new position in Iris Energy in the 4th quarter worth about $221,000. 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.