Iris Energy (NASDAQ:IREN) Trading Down 5.2% – Here’s Why

Shares of Iris Energy Limited (NASDAQ:IREN) dropped 5.2% on Tuesday . The company traded as low as $9.02 and last traded at $9.12. Approximately 4,429,744 shares changed hands during trading, a decline of 65% from the average daily volume of 12,693,535 shares. The stock had previously closed at $9.62.

Wall Street Analyst Weigh In

IREN has been the topic of several analyst reports. Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a report on Thursday, August 29th. HC Wainwright cut their price objective on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Compass Point decreased their target price on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 price target on shares of Iris Energy in a report on Thursday, October 3rd. Finally, Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $15.44.

Iris Energy Price Performance

The company’s fifty day moving average is $8.07 and its 200-day moving average is $8.52.

Institutional Trading of Iris Energy

Hedge funds have recently bought and sold shares of the company. VitalStone Financial LLC grew its stake in shares of Iris Energy by 373.9% during the 1st 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. CCG Wealth Management LLC purchased a new stake in Iris Energy during the first quarter valued at approximately $72,000. AFG Fiduciary Services Limited Partnership purchased a new position in shares of Iris Energy during the 3rd quarter worth $77,000. Bluefin Capital Management LLC purchased a new position in shares of Iris Energy during the 2nd quarter worth $113,000. Finally, PEAK6 Investments LLC bought a new stake in shares of Iris Energy during the 1st quarter valued at $133,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.