Iris Energy (NASDAQ:IREN) Shares Down 3.6% – Should You Sell?

Iris Energy Limited (NASDAQ:IREN)’s stock price fell 3.6% during mid-day trading on Wednesday . The stock traded as low as $13.20 and last traded at $13.23. 2,285,386 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 13,746,665 shares. The stock had previously closed at $13.73.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Canaccord Genuity Group lifted their price target on Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Compass Point decreased their price target on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.00.

Iris Energy Stock Down 5.9 %

The business’s fifty day moving average is $11.01 and its 200-day moving average is $10.19.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Truist Financial Corp lifted its holdings in Iris Energy by 3.2% during the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after purchasing an additional 1,575 shares in the last quarter. Chesapeake Capital Corp IL boosted its stake in Iris Energy by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock worth $157,000 after purchasing an additional 3,861 shares during the period. Chicago Partners Investment Group LLC raised its position in shares of Iris Energy by 13.2% during the third quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock valued at $473,000 after buying an additional 6,347 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Iris Energy by 28.3% during the third quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock worth $309,000 after acquiring an additional 8,092 shares during the last quarter. Finally, Bluefin Capital Management LLC purchased a new position in Iris Energy during the second quarter valued at $113,000. 41.08% of the stock is currently owned by 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.