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

Iris Energy Limited (NASDAQ:IREN) shares gapped down before the market opened on Tuesday . The stock had previously closed at $7.57, but opened at $7.15. Iris Energy shares last traded at $6.96, with a volume of 4,601,687 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. HC Wainwright upped their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. BTIG Research began coverage on shares of Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 price target for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research report on Thursday, February 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 target price on shares of Iris Energy in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.70.

Iris Energy Stock Up 1.1 %

The stock’s fifty day simple moving average is $11.07 and its two-hundred day simple moving average is $10.19.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating 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, equities analysts expect that Iris Energy Limited will post 0.43 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership increased its position in shares of Iris Energy by 1,307.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock valued at $55,825,000 after acquiring an additional 5,280,999 shares in the last quarter. Discovery Capital Management LLC CT purchased a new stake in Iris Energy during the 4th quarter valued at $11,544,000. Two Sigma Investments LP increased its holdings in shares of Iris Energy by 193.2% in the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock worth $15,738,000 after purchasing an additional 1,056,005 shares in the last quarter. Regal Partners Ltd increased its holdings in shares of Iris Energy by 93.9% in the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company’s stock worth $16,670,000 after purchasing an additional 822,251 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of Iris Energy in the fourth quarter worth $7,162,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.