Iris Energy (NASDAQ:IREN) Shares Gap Up – What’s Next?

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $8.24, but opened at $8.91. Iris Energy shares last traded at $8.32, with a volume of 4,779,313 shares trading hands.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Iris Energy in a research note on Thursday, February 13th. B. Riley boosted their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 price objective (up from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. BTIG Research initiated coverage on Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a research report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Price Performance

The business’s fifty day moving average is $10.99 and its two-hundred day moving average is $10.19.

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

Institutional Trading of Iris Energy

A number of large investors have recently made changes to their positions in the stock. Stonebridge Financial Group LLC purchased a new stake in Iris Energy in the fourth quarter worth approximately $29,000. HM Payson & Co. bought a new position in shares of Iris Energy during the 4th quarter valued at $30,000. R Squared Ltd purchased a new position in shares of Iris Energy in the 4th quarter worth $37,000. Main Management LLC bought a new stake in shares of Iris Energy in the fourth quarter worth $49,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Iris Energy by 1,059.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after acquiring an additional 7,646 shares during the period. 41.08% of the stock is currently owned by 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.