Iris Energy (NASDAQ:IREN) Shares Gap Down to $14.39

Iris Energy Limited (NASDAQ:IREN) shares gapped down before the market opened on Wednesday . The stock had previously closed at $14.39, but opened at $13.94. Iris Energy shares last traded at $14.75, with a volume of 3,513,018 shares changing hands.

Analyst Ratings Changes

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

Iris Energy Price Performance

The company’s 50-day moving average price is $9.02 and its 200 day moving average price is $6.81.

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

Institutional Investors Weigh In On Iris Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Tucker Asset Management LLC bought a new position in shares of Iris Energy in the 3rd quarter worth about $47,000. VitalStone Financial LLC increased its stake in shares of Iris Energy by 373.9% in the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares in the last quarter. CCG Wealth Management LLC bought a new position in shares of Iris Energy in the 1st quarter worth about $72,000. Counterpoint Mutual Funds LLC bought a new position in shares of Iris Energy in the 4th quarter worth about $84,000. Finally, PEAK6 Investments LLC bought a new position in shares of Iris Energy in the 1st quarter worth about $133,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.