Iris Energy (NASDAQ:IREN) Trading Down 5.9% – Here’s Why

Iris Energy Limited (NASDAQ:IREN)’s share price dropped 5.9% during mid-day trading on Tuesday . The company traded as low as $9.42 and last traded at $9.50. Approximately 10,172,122 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 17,103,824 shares. The stock had previously closed at $10.09.

Analyst Ratings Changes

IREN has been the topic of a number of recent research reports. Roth Capital raised Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. B. Riley boosted their price objective on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, December 19th. BTIG Research began coverage on Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 price target for the company. Canaccord Genuity Group raised their price target on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, HC Wainwright increased their target price on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Price Performance

The company has a 50-day simple moving average of $11.79 and a two-hundred day simple moving average of $9.92.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings data on Tuesday, November 26th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. On average, equities research analysts forecast that Iris Energy Limited will post 0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently bought and sold shares of IREN. R Squared Ltd bought a new stake in shares of Iris Energy in the fourth quarter worth $37,000. AFG Fiduciary Services Limited Partnership bought a new stake in shares of Iris Energy in the 3rd quarter worth about $77,000. Bluefin Capital Management LLC bought a new stake in shares of Iris Energy in the 2nd quarter worth about $113,000. Covestor Ltd bought a new stake in shares of Iris Energy during the third quarter worth $87,000. Finally, Sippican Capital Advisors bought a new position in Iris Energy in the third quarter worth approximately $94,000. 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.