Iris Energy (NASDAQ:IREN) Shares Gap Down to $8.13

Iris Energy Limited (NASDAQ:IREN) gapped down prior to trading on Tuesday . The stock had previously closed at $8.13, but opened at $7.92. Iris Energy shares last traded at $7.81, with a volume of 2,089,672 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on IREN shares. Sanford C. Bernstein assumed coverage on shares of Iris Energy in a research note on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a report on Wednesday, July 24th. JPMorgan Chase & Co. lowered their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday. B. Riley decreased their target price 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. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price target on shares of Iris Energy in a research note on Wednesday, July 24th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $17.58.

Iris Energy Trading Down 5.3 %

The stock has a fifty day moving average price of $10.64 and a 200-day moving average price of $7.90.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently made changes to their positions in IREN. Truist Financial Corp lifted its stake in shares of Iris Energy by 3.2% during the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after purchasing an additional 1,575 shares in the last quarter. VitalStone Financial LLC raised its stake 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 purchasing an additional 11,030 shares during the period. Counterpoint Mutual Funds LLC purchased a new position in shares of Iris Energy in the fourth quarter valued at $84,000. Jump Financial LLC grew its holdings 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 in the last quarter. Finally, Seven Eight Capital LP purchased a new stake in Iris Energy during the 2nd quarter worth $146,000. Hedge funds and other 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.