Iris Energy (NASDAQ:IREN) Trading Down 4.4%

Shares of Iris Energy Limited (NASDAQ:IREN) were down 4.4% on Tuesday . The stock traded as low as $8.01 and last traded at $8.01. Approximately 1,794,925 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 12,293,523 shares. The stock had previously closed at $8.38.

Analyst Upgrades and Downgrades

Several analysts have weighed in on IREN shares. HC Wainwright reiterated a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a research report on Wednesday, July 24th. Sanford C. Bernstein started coverage on Iris Energy in a research report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price objective for the company. B. Riley decreased their target price on Iris Energy from $18.00 to $17.00 and set a “buy” rating for the company in a report on Friday, July 12th. JPMorgan Chase & Co. upped their target price on Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Finally, Canaccord Genuity Group increased their price objective on Iris Energy from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Iris Energy presently has a consensus rating of “Buy” and an average target price of $17.83.

Iris Energy Price Performance

The firm has a 50 day moving average price of $11.40 and a 200 day moving average price of $7.51.

Iris Energy (NASDAQ:IREN) last posted 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, research analysts expect that Iris Energy Limited will post -0.01 EPS for the current fiscal year.

Institutional Trading of Iris Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Mirae Asset Global Investments Co. Ltd. raised its stake in Iris Energy by 52.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock valued at $7,418,000 after purchasing an additional 356,752 shares during the period. Vontobel Holding Ltd. raised its stake in Iris Energy by 123.2% during the 4th quarter. Vontobel Holding Ltd. now owns 62,791 shares of the company’s stock valued at $449,000 after purchasing an additional 34,662 shares during the period. Van ECK Associates Corp raised its stake in Iris Energy by 32.9% during the 4th quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock valued at $10,624,000 after purchasing an additional 368,140 shares during the period. Counterpoint Mutual Funds LLC bought a new stake in Iris Energy during the 4th quarter valued at approximately $84,000. Finally, Jump Financial LLC raised its stake in Iris Energy by 33.1% during the 4th quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock valued at $353,000 after purchasing an additional 12,290 shares during the period. Institutional investors own 41.08% of the company’s stock.

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.