Iris Energy (NASDAQ:IREN) Shares Gap Up – Here’s Why

Shares of Iris Energy Limited (NASDAQ:IREN) gapped up before the market opened on Friday . The stock had previously closed at $10.30, but opened at $10.74. Iris Energy shares last traded at $10.68, with a volume of 1,842,394 shares traded.

Analyst Ratings Changes

A number of research analysts recently issued reports on IREN shares. B. Riley lifted 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. Canaccord Genuity Group lifted their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. HC Wainwright lifted their price target on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Two equities 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Price Performance

The business has a 50-day moving average of $11.79 and a 200-day moving average of $9.87.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.11). Iris Energy had a negative return on equity of 8.01% and a negative net margin of 36.10%. Research analysts anticipate that Iris Energy Limited will post 0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp boosted its stake in shares of Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after buying an additional 576,726 shares during the period. Regal Partners Ltd lifted its position in Iris Energy by 2.7% during the 3rd quarter. Regal Partners Ltd now owns 875,303 shares of the company’s stock worth $7,388,000 after acquiring an additional 23,132 shares during the period. Geode Capital Management LLC grew its stake in shares of Iris Energy by 56.3% in the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after purchasing an additional 264,883 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Iris Energy by 23.7% in the third quarter. Exchange Traded Concepts LLC now owns 713,635 shares of the company’s stock valued at $6,023,000 after purchasing an additional 136,643 shares during the period. Finally, Rush Island Management LP purchased a new stake in shares of Iris Energy during the third quarter worth approximately $4,783,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.