Iris Energy (NASDAQ:IREN) Shares Gap Down to $13.28

Iris Energy Limited (NASDAQ:IREN) shares gapped down prior to trading on Monday . The stock had previously closed at $13.28, but opened at $12.45. Iris Energy shares last traded at $12.99, with a volume of 2,456,096 shares trading hands.

Wall Street Analyst Weigh In

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

Iris Energy Trading Down 0.7 %

The firm’s 50 day simple moving average is $7.57 and its two-hundred day simple moving average is $6.37.

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 analysts’ consensus estimates of $0.12 by ($0.04). The company had revenue of $54.35 million for the quarter, compared to analyst estimates of $58.41 million. On average, equities research analysts forecast that Iris Energy Limited will post 0.03 EPS for the current year.

Institutional Trading of Iris Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Goldentree Asset Management LP acquired a new position in Iris Energy during the 1st quarter valued at approximately $626,000. PEAK6 Investments LLC acquired a new position in shares of Iris Energy during the first quarter valued at $133,000. K2 Principal Fund L.P. bought a new position in shares of Iris Energy during the first quarter worth about $675,000. Vident Advisory LLC grew its position in shares of Iris Energy by 58.0% during the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after acquiring an additional 717,843 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Iris Energy in the 1st quarter worth about $893,000. 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.