Iris Energy (NASDAQ:IREN) Shares Down 4.4% After Analyst Downgrade

Shares of Iris Energy Limited (NASDAQ:IREN) were down 4.4% on Monday after B. Riley lowered their price target on the stock from $17.00 to $12.00. B. Riley currently has a buy rating on the stock. Iris Energy traded as low as $7.10 and last traded at $7.23. Approximately 1,406,521 shares changed hands during trading, a decline of 89% from the average daily volume of 12,344,972 shares. The stock had previously closed at $7.56.

A number of other equities analysts have also recently commented on IREN. HC Wainwright cut their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a report on Thursday, August 29th. JPMorgan Chase & Co. lowered their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Needham & Company LLC began coverage on shares of Iris Energy in a research report on Wednesday, September 4th. They issued a “hold” rating on the stock. Finally, Macquarie lifted their price objective on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.63.

Institutional Investors Weigh In On Iris Energy

Several institutional investors have recently made changes to their positions in the stock. Bluefin Capital Management LLC purchased a new stake in shares of Iris Energy in the 2nd quarter worth about $113,000. Seven Eight Capital LP purchased a new stake in shares of Iris Energy in the 2nd quarter worth about $146,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Iris Energy in the 2nd quarter worth about $149,000. CCG Wealth Management LLC purchased a new stake in shares of Iris Energy in the 1st quarter worth about $72,000. Finally, VitalStone Financial LLC boosted its position 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 buying an additional 11,030 shares in the last quarter. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Iris Energy Stock Up 3.9 %

The firm’s 50-day moving average is $8.84 and its 200 day moving average is $7.97.

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.