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

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Roth Capital raised Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Macquarie raised their price objective on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a report on Friday, August 30th. HC Wainwright raised their price target on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, B. Riley lowered their target price 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. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $16.33.

Iris Energy Stock Up 29.7 %

The company’s fifty day simple moving average is $9.32 and its 200 day simple moving average is $9.46.

Institutional Trading of Iris Energy

Several institutional investors and hedge funds have recently modified their holdings of the business. AFG Fiduciary Services Limited Partnership bought a new position in shares of Iris Energy in the third quarter worth approximately $77,000. Covestor Ltd purchased a new position in Iris Energy in the 3rd quarter worth approximately $87,000. Sippican Capital Advisors bought a new position in shares of Iris Energy in the 3rd quarter worth $94,000. Bluefin Capital Management LLC purchased a new stake in shares of Iris Energy during the 2nd quarter valued at $113,000. Finally, PEAK6 Investments LLC bought a new stake in shares of Iris Energy during the 1st quarter worth $133,000. 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.