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

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $11.81, but opened at $11.48. Iris Energy shares last traded at $11.39, with a volume of 1,010,062 shares traded.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Compass Point lowered their price objective on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Cantor Fitzgerald raised their price target on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Macquarie lifted their target price on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group boosted their target price on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Iris Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Price Performance

The business has a fifty day moving average price of $11.39 and a 200 day moving average price of $10.28.

Institutional Trading of Iris Energy

Institutional investors have recently modified their holdings of the stock. AFG Fiduciary Services Limited Partnership acquired a new stake in Iris Energy during the 3rd quarter worth $77,000. Covestor Ltd acquired a new position in Iris Energy in the 3rd quarter valued at about $87,000. Sippican Capital Advisors acquired a new position in shares of Iris Energy in the third quarter valued at approximately $94,000. Bluefin Capital Management LLC acquired a new position in Iris Energy in the 2nd quarter valued at $113,000. Finally, Seven Eight Capital LP purchased a new position in Iris Energy during the 2nd quarter worth $146,000. Hedge funds and other 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.