Iris Energy (NASDAQ:IREN) Shares Down 6.9% – Here’s Why

Iris Energy Limited (NASDAQ:IREN)’s share price was down 6.9% during trading on Monday . The stock traded as low as $9.81 and last traded at $9.97. Approximately 4,160,095 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 13,704,834 shares. The stock had previously closed at $10.71.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. Cantor Fitzgerald lifted their price objective on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Macquarie increased their target price on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Roth Mkm assumed coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price target on the stock. Finally, BTIG Research initiated coverage on shares of Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Iris Energy currently has an average rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Trading Down 1.2 %

The company’s fifty day simple moving average is $11.43 and its two-hundred day simple moving average is $10.19.

Institutional Trading of Iris Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Truist Financial Corp increased its holdings in shares of Iris Energy by 3.2% in the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after acquiring an additional 1,575 shares during the last quarter. Chesapeake Capital Corp IL boosted its holdings in shares of Iris Energy by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock valued at $157,000 after buying an additional 3,861 shares during the period. Chicago Partners Investment Group LLC raised its stake in Iris Energy by 13.2% during the third quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock worth $473,000 after acquiring an additional 6,347 shares during the period. Wellington Management Group LLP grew its holdings in shares of Iris Energy by 28.3% during the third quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock valued at $309,000 after purchasing an additional 8,092 shares during the last quarter. Finally, Bluefin Capital Management LLC bought a new stake in shares of Iris Energy in the 2nd quarter worth approximately $113,000. Institutional investors and hedge funds 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.