Iris Energy Limited (NASDAQ:IREN – Get Free Report) shares traded down 4.4% on Monday after B. Riley lowered their price target on the stock from $17.00 to $12.00. B. Riley currently has a buy rating on the stock. Iris Energy traded as low as $7.10 and last traded at $7.23. 1,406,521 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 12,344,972 shares. The stock had previously closed at $7.56.
Several other equities analysts have also recently weighed in on the stock. Sanford C. Bernstein assumed coverage on shares of Iris Energy in a research note on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price target for the company. Canaccord Genuity Group restated a “buy” rating and set a $15.00 price objective on shares of Iris Energy in a research note on Thursday, August 29th. Macquarie upped their price target on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. decreased their target price on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Finally, HC Wainwright decreased their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $15.63.
Institutional Investors Weigh In On Iris Energy
Institutional investors and hedge funds have recently modified their holdings of the company. Bluefin Capital Management LLC bought a new position in shares of Iris Energy in the second quarter worth approximately $113,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Iris Energy in the second quarter worth approximately $149,000. Dana Investment Advisors Inc. bought a new position in Iris Energy during the second quarter valued at approximately $161,000. Truist Financial Corp grew its position in Iris Energy by 3.2% during the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after acquiring an additional 1,575 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its position in Iris Energy by 478.2% during the second quarter. Point72 Asset Management L.P. now owns 164,800 shares of the company’s stock valued at $1,861,000 after acquiring an additional 136,300 shares during the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.
Iris Energy Stock Performance
The business’s 50-day simple moving average is $8.98 and its 200 day simple moving average is $7.95.
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.