Iris Energy (NASDAQ:IREN) Shares Down 4.9%

Shares of Iris Energy Limited (NASDAQ:IREN) fell 4.9% during mid-day trading on Thursday . The stock traded as low as $9.67 and last traded at $9.71. 1,952,016 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 12,137,187 shares. The stock had previously closed at $10.21.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on IREN. JPMorgan Chase & Co. raised their target price on shares of Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. B. Riley dropped their price target on shares of Iris Energy from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, July 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a research note on Wednesday. Canaccord Genuity Group lifted their price target on shares of Iris Energy from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Sanford C. Bernstein started coverage on shares of Iris Energy in a research note on Wednesday, July 10th. They set an “outperform” rating and a $26.00 target price on the stock. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Iris Energy presently has a consensus rating of “Buy” and an average price target of $17.83.

Iris Energy Stock Down 5.3 %

The business’s fifty day moving average price is $11.03 and its two-hundred day moving average price is $7.28.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.04). The firm had revenue of $54.35 million for the quarter, compared to analysts’ expectations of $58.41 million.

Institutional Investors Weigh In On Iris Energy

Several large investors have recently added to or reduced their stakes in the stock. Vident Advisory LLC lifted its position in shares of Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after purchasing an additional 717,843 shares during the period. Van ECK Associates Corp lifted its position in shares of Iris Energy by 32.9% in the 4th quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock worth $10,624,000 after purchasing an additional 368,140 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Iris Energy by 52.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after purchasing an additional 356,752 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Iris Energy in the 4th quarter worth approximately $1,655,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Iris Energy in the 1st quarter worth approximately $893,000. 41.08% of the stock is owned by hedge funds and other 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.