Iris Energy (NASDAQ:IREN) Shares Down 10.9% – Time to Sell?

Shares of Iris Energy Limited (NASDAQ:IREN) dropped 10.9% during mid-day trading on Friday . The stock traded as low as $11.18 and last traded at $11.02. Approximately 12,223,263 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 16,119,420 shares. The stock had previously closed at $12.36.

Wall Street Analyst Weigh In

IREN has been the topic of several analyst reports. HC Wainwright upped their price objective on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $15.00 price objective (up from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. B. Riley upped their price objective on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th. Finally, Macquarie boosted their target price on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Stock Down 12.0 %

The firm has a 50 day moving average price of $11.58 and a 200 day moving average price of $10.09.

Iris Energy (NASDAQ:IREN) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. As a group, research analysts anticipate that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently modified their holdings of IREN. Stonebridge Financial Group LLC purchased a new stake in shares of Iris Energy in the 4th quarter worth $29,000. HM Payson & Co. bought a new position in Iris Energy in the 4th quarter worth $30,000. R Squared Ltd bought a new position in Iris Energy in the 4th quarter worth $37,000. Main Management LLC bought a new position in Iris Energy in the 4th quarter worth $49,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Iris Energy by 1,059.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after buying an additional 7,646 shares during the period. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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.