Iris Energy Limited (NASDAQ:IREN – Get Free Report) shares fell 4% on Friday after Compass Point lowered their price target on the stock from $18.50 to $16.00. Compass Point currently has a buy rating on the stock. Iris Energy traded as low as $8.11 and last traded at $8.18. 3,993,407 shares were traded during mid-day trading, a decline of 68% from the average session volume of 12,315,001 shares. The stock had previously closed at $8.52.
A number of other research firms also recently weighed in on IREN. Canaccord Genuity Group restated a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a research report on Thursday. Sanford C. Bernstein assumed coverage on Iris Energy in a report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd. HC Wainwright dropped their price target on Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Cantor Fitzgerald dropped their price target on Iris Energy from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Iris Energy has a consensus rating of “Buy” and an average price target of $16.25.
Institutional Trading of Iris Energy
Several large investors have recently added to or reduced their stakes in the company. Truist Financial Corp raised its stake in Iris Energy by 3.2% during the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after purchasing an additional 1,575 shares during the period. VitalStone Financial LLC increased its stake in shares of Iris Energy by 373.9% in the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Iris Energy in the fourth quarter worth $84,000. Jump Financial LLC increased its stake in shares of Iris Energy by 33.1% in the fourth quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock worth $353,000 after acquiring an additional 12,290 shares during the last quarter. Finally, Seven Eight Capital LP acquired a new position in shares of Iris Energy in the second quarter worth $146,000. 41.08% of the stock is owned by institutional investors and hedge funds.
Iris Energy Stock Down 7.2 %
The stock’s 50 day moving average price is $10.28 and its two-hundred day moving average price is $7.91.
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.