Iris Energy (NASDAQ:IREN) Stock Price Down 4% on Analyst Downgrade

Iris Energy Limited (NASDAQ:IREN) shares traded down 4% on Friday after Compass Point lowered their price target on the stock from $18.50 to $16.00. Compass Point currently has a buy rating on the stock. Iris Energy traded as low as $8.11 and last traded at $8.18. 3,993,407 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 12,315,001 shares. The stock had previously closed at $8.52.

A number of other research analysts have also recently commented on the stock. Sanford C. Bernstein began coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price target on the stock. B. Riley reduced their price target on shares of Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Friday, July 12th. Cantor Fitzgerald reduced their price target on shares of Iris Energy from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday. HC Wainwright reduced their price target on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, JPMorgan Chase & Co. reduced their price target 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. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $16.25.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP boosted 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 valued at $43,035,000 after acquiring an additional 958,494 shares in the last quarter. Vident Advisory LLC boosted its holdings 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 acquiring an additional 717,843 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Iris Energy by 23.7% in the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after acquiring an additional 351,774 shares in the last quarter. D1 Capital Partners L.P. bought a new stake in Iris Energy in the second quarter valued at $17,319,000. Finally, Hood River Capital Management LLC bought a new stake in Iris Energy in the second quarter valued at $13,618,000. Institutional investors own 41.08% of the company’s stock.

Iris Energy Stock Down 7.2 %

The firm’s fifty day moving average is $10.17 and its two-hundred day moving average is $7.92.

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.