Iris Energy (NASDAQ:IREN) Shares Gap Down – Should You Sell?

Iris Energy Limited (NASDAQ:IREN) gapped down prior to trading on Thursday . The stock had previously closed at $6.76, but opened at $6.03. Iris Energy shares last traded at $6.21, with a volume of 2,013,479 shares trading hands.

Analyst Ratings Changes

A number of research firms recently commented on IREN. BTIG Research assumed coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective for the company. B. Riley lifted their target price on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, December 19th. JPMorgan Chase & Co. raised shares of Iris Energy from a “neutral” rating to an “overweight” rating and lowered their price objective for the company from $15.00 to $12.00 in a research report on Thursday, March 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a research report on Thursday, February 13th. Finally, Canaccord Genuity Group upped their price objective on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $20.40.

Iris Energy Stock Down 7.8 %

The business has a 50 day simple moving average of $9.31 and a 200-day simple moving average of $10.07.

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

Hedge Funds Weigh In On Iris Energy

Institutional investors and hedge funds have recently modified their holdings of the business. Sippican Capital Advisors lifted its stake in Iris Energy by 15.1% during the fourth quarter. Sippican Capital Advisors now owns 12,780 shares of the company’s stock worth $126,000 after purchasing an additional 1,680 shares during the last quarter. Drive Wealth Management LLC lifted its holdings in Iris Energy by 5.8% in the fourth quarter. Drive Wealth Management LLC now owns 39,690 shares of the company’s stock valued at $390,000 after buying an additional 2,193 shares during the period. Stonebridge Financial Group LLC acquired a new stake in Iris Energy during the fourth quarter worth approximately $29,000. HM Payson & Co. bought a new stake in shares of Iris Energy in the 4th quarter valued at $30,000. Finally, R Squared Ltd acquired a new stake in shares of Iris Energy in the 4th quarter valued at about $37,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.