Iris Energy (NASDAQ:IREN) Trading Down 5.9%

Iris Energy Limited (NASDAQ:IREN) shares traded down 5.9% during trading on Tuesday . The stock traded as low as $7.90 and last traded at $7.94. 3,794,675 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 12,497,063 shares. The stock had previously closed at $8.44.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on IREN shares. Macquarie boosted their price target on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. Compass Point reduced their target price on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. JPMorgan Chase & Co. lowered their price target on Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Cantor Fitzgerald reduced their price objective on Iris Energy from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, August 29th. Finally, B. Riley decreased their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, September 13th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $15.63.

Iris Energy Trading Down 9.2 %

The company has a fifty day moving average of $8.14 and a 200-day moving average of $8.18.

Institutional Investors Weigh In On Iris Energy

Several institutional investors have recently made changes to their positions in IREN. Marshall Wace LLP increased its holdings in Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after buying an additional 958,494 shares during the last quarter. Vident Advisory LLC raised its holdings in shares of Iris Energy by 58.0% during the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after purchasing an additional 717,843 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Iris Energy by 23.7% during the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after purchasing an additional 351,774 shares in the last quarter. D1 Capital Partners L.P. acquired a new stake in shares of Iris Energy in the 2nd quarter valued at $17,319,000. Finally, Hood River Capital Management LLC bought a new stake in Iris Energy in the second quarter worth $13,618,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.