Iris Energy (NASDAQ:IREN) Shares Down 5.2%

Iris Energy Limited (NASDAQ:IREN)’s stock price fell 5.2% on Wednesday . The stock traded as low as $12.29 and last traded at $12.32. 9,431,894 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 10,964,391 shares. The stock had previously closed at $12.99.

Analysts Set New Price Targets

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

Iris Energy Stock Down 0.3 %

The stock has a fifty day simple moving average of $8.21 and a two-hundred day simple moving average of $6.54.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $58.41 million. On average, equities analysts anticipate that Iris Energy Limited will post 0.01 EPS for the current year.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently modified their holdings of IREN. Tucker Asset Management LLC bought a new stake in shares of Iris Energy during the third quarter valued at approximately $47,000. VitalStone Financial LLC increased its holdings in shares of Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after acquiring an additional 11,030 shares in the last quarter. CCG Wealth Management LLC bought a new stake in shares of Iris Energy during the first quarter valued at approximately $72,000. Counterpoint Mutual Funds LLC bought a new stake in shares of Iris Energy during the fourth quarter valued at approximately $84,000. Finally, PEAK6 Investments LLC purchased a new position in shares of Iris Energy during the first quarter valued at approximately $133,000. 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.