Iris Energy (NASDAQ:IREN) Shares Gap Down – Here’s Why

Iris Energy Limited (NASDAQ:IREN) gapped down before the market opened on Thursday . The stock had previously closed at $11.81, but opened at $11.48. Iris Energy shares last traded at $11.39, with a volume of 1,010,062 shares.

Analyst Ratings Changes

A number of research analysts recently commented on IREN shares. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Cantor Fitzgerald increased their target price on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Roth Mkm initiated coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price for the company. Canaccord Genuity Group upped their price target on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Two research 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Stock Performance

The business has a 50 day moving average price of $11.34 and a 200 day moving average price of $10.27.

Institutional Trading of Iris Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Iris Energy by 56.3% during the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after purchasing an additional 264,883 shares during the period. Sender Co & Partners Inc. bought a new stake in Iris Energy during the 3rd quarter valued at about $561,000. Continuum Advisory LLC purchased a new stake in Iris Energy in the 3rd quarter valued at about $430,000. Y Intercept Hong Kong Ltd grew its stake in Iris Energy by 592.2% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock worth $1,745,000 after acquiring an additional 176,843 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in shares of Iris Energy during the third quarter worth approximately $760,000. 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.