Iris Energy (NASDAQ:IREN) Shares Down 10.9% – Time to Sell?

Iris Energy Limited (NASDAQ:IREN)’s share price was down 10.9% on Friday . The stock traded as low as $11.18 and last traded at $11.02. Approximately 12,223,263 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 16,119,420 shares. The stock had previously closed at $12.36.

Wall Street Analysts Forecast Growth

IREN has been the subject of several research reports. Canaccord Genuity Group increased their price objective on shares of Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. Macquarie increased their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. BTIG Research initiated coverage on shares of Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective for the company. Finally, HC Wainwright increased their price objective on shares of Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.70.

Iris Energy Price Performance

The stock’s fifty day moving average is $11.58 and its 200 day moving average is $10.09.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. On average, research analysts expect that Iris Energy Limited will post 0.43 earnings per share for the current year.

Institutional Trading of Iris Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft raised its position in Iris Energy by 66.7% in the 4th quarter. Baader Bank Aktiengesellschaft now owns 125,000 shares of the company’s stock worth $1,228,000 after purchasing an additional 50,000 shares during the period. Main Management ETF Advisors LLC purchased a new stake in Iris Energy in the 3rd quarter worth about $760,000. Van ECK Associates Corp raised its position in Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after purchasing an additional 576,726 shares during the period. Creative Planning raised its position in Iris Energy by 71.2% in the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after purchasing an additional 190,300 shares during the period. Finally, Campbell Capital Management Inc. purchased a new stake in Iris Energy in the 3rd quarter worth about $608,000. 41.08% of the stock is 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.