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

Iris Energy Limited (NASDAQ:IREN)’s share price gapped up before the market opened 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.

Analyst Ratings Changes

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

Iris Energy Price Performance

The stock’s fifty day moving average is $8.66 and its 200-day moving average is $6.71.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, May 15th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The business had revenue of $54.35 million for the quarter, compared to the consensus estimate of $58.41 million. As a group, research analysts expect that Iris Energy Limited will post 0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vident Advisory LLC lifted its position in Iris Energy by 58.0% in the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after buying an additional 717,843 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Iris Energy by 23.7% during the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after purchasing an additional 351,774 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Iris Energy by 52.4% during the fourth 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. Exchange Traded Concepts LLC lifted its position in shares of Iris Energy by 47.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock worth $4,389,000 after purchasing an additional 196,635 shares in the last quarter. Finally, Quadrature Capital Ltd lifted its position in shares of Iris Energy by 719.8% during the fourth quarter. Quadrature Capital Ltd now owns 232,312 shares of the company’s stock worth $1,655,000 after purchasing an additional 203,976 shares in the last quarter. Institutional investors and hedge funds 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.