Iris Energy (NASDAQ:IREN) Shares Gap Down to $8.85

Iris Energy Limited (NASDAQ:IREN)’s share price gapped down before the market opened on Monday . The stock had previously closed at $8.85, but opened at $8.51. Iris Energy shares last traded at $8.60, with a volume of 1,767,113 shares.

Analysts Set New Price Targets

Several equities research analysts have recently commented on IREN shares. HC Wainwright decreased their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Sanford C. Bernstein began coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price objective for the company. Macquarie upped their target price 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. Needham & Company LLC started coverage on shares of Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. Finally, 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 research report on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $15.63.

Iris Energy Stock Down 3.2 %

The stock’s 50 day moving average is $8.21 and its 200 day moving average is $8.15.

Hedge Funds Weigh In On Iris Energy

A number of large investors have recently made changes to their positions in IREN. VitalStone Financial LLC grew its holdings in Iris Energy by 373.9% in the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after buying an additional 11,030 shares in the last quarter. CCG Wealth Management LLC acquired a new position in shares of Iris Energy in the first quarter valued at about $72,000. Bluefin Capital Management LLC bought a new position in Iris Energy during the second quarter worth about $113,000. PEAK6 Investments LLC acquired a new stake in Iris Energy in the 1st quarter worth about $133,000. Finally, Seven Eight Capital LP bought a new stake in Iris Energy in the 2nd quarter valued at about $146,000. Institutional investors own 41.08% of the company’s stock.

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.