Iris Energy (NASDAQ:IREN) Stock Price Down 4% – What’s Next?

Iris Energy Limited (NASDAQ:IREN) traded down 4% during trading on Monday . The company traded as low as $10.28 and last traded at $10.35. 2,991,740 shares were traded during trading, a decline of 78% from the average session volume of 13,302,852 shares. The stock had previously closed at $10.78.

Wall Street Analyst Weigh In

IREN has been the subject of a number of recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. Canaccord Genuity Group boosted their price target on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday. B. Riley reduced their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. HC Wainwright lifted their price objective on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $16.33.

Iris Energy Stock Performance

The firm’s 50-day moving average is $9.32 and its 200-day moving average is $9.46.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IREN. Truist Financial Corp boosted its position in shares of 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 lifted its position in Iris Energy by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock valued at $157,000 after buying an additional 3,861 shares during the period. Chicago Partners Investment Group LLC boosted its holdings in shares of Iris Energy by 13.2% during the 3rd 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 in the last quarter. Wellington Management Group LLP grew its position in shares of Iris Energy by 28.3% in the 3rd quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock worth $309,000 after buying an additional 8,092 shares during the period. Finally, Bluefin Capital Management LLC bought a new position in shares of Iris Energy in the 2nd quarter worth about $113,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.