Iris Energy (NASDAQ:IREN) Stock Price Down 5.8% – What’s Next?

Iris Energy Limited (NASDAQ:IREN)’s share price traded down 5.8% during mid-day trading on Monday . The stock traded as low as $12.60 and last traded at $12.72. 11,345,866 shares were traded during mid-day trading, a decline of 16% from the average session volume of 13,529,349 shares. The stock had previously closed at $13.51.

Analyst Upgrades and Downgrades

IREN has been the topic of several research analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. JPMorgan Chase & Co. cut their target price on Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. HC Wainwright upped their target price on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. B. Riley cut their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Finally, Compass Point decreased their price objective on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $16.33.

Iris Energy Price Performance

The stock has a fifty day simple moving average of $9.63 and a two-hundred day simple moving average of $9.63.

Institutional Investors Weigh In On Iris Energy

Several institutional investors have recently made changes to their positions in IREN. AFG Fiduciary Services Limited Partnership purchased a new position in Iris Energy in the 3rd quarter valued at approximately $77,000. Covestor Ltd acquired a new stake in Iris Energy in the third quarter valued at $87,000. Sippican Capital Advisors purchased a new position in shares of Iris Energy in the third quarter valued at $94,000. Bluefin Capital Management LLC acquired a new position in shares of Iris Energy during the 2nd quarter worth $113,000. Finally, Seven Eight Capital LP purchased a new stake in shares of Iris Energy in the 2nd quarter worth about $146,000. 41.08% of the stock is currently owned by hedge funds and other 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.