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

Iris Energy Limited (NASDAQ:IREN)’s share price gapped down before the market opened on Monday . The stock had previously closed at $11.00, but opened at $10.32. Iris Energy shares last traded at $10.40, with a volume of 2,452,604 shares traded.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 price objective (up from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. Canaccord Genuity Group boosted their target price on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. BTIG Research initiated coverage on Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 target price on the stock. Finally, Cantor Fitzgerald upped their price target on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Two equities 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. According to data from MarketBeat, Iris Energy presently has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Stock Down 7.0 %

The firm’s 50 day moving average is $11.62 and its two-hundred day moving average is $10.05.

Institutional Investors Weigh In On Iris Energy

Large investors have recently added to or reduced their stakes in the stock. Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Iris Energy during the 2nd quarter worth approximately $779,000. Main Management ETF Advisors LLC acquired a new position in shares of Iris Energy in the 3rd quarter worth approximately $760,000. Van ECK Associates Corp boosted its position in Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after acquiring an additional 576,726 shares during the last quarter. Vontobel Holding Ltd. grew its stake in Iris Energy by 123.1% during the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after purchasing an additional 27,212 shares during the period. Finally, Creative Planning lifted its position in shares of Iris Energy by 71.2% during the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after acquiring an additional 190,300 shares during the period. Institutional investors and hedge funds 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.