Iris Energy (NASDAQ:IREN) Shares Gap Down – Time to Sell?

Iris Energy Limited (NASDAQ:IREN) gapped down prior to trading on Tuesday . The stock had previously closed at $7.35, but opened at $7.10. Iris Energy shares last traded at $6.97, with a volume of 1,408,850 shares.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th. Canaccord Genuity Group boosted their price objective on shares of Iris Energy from $17.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. BTIG Research started coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 target price on the stock. HC Wainwright increased their target price on Iris Energy from $16.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, B. Riley lifted their price target on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Iris Energy currently has an average rating of “Buy” and a consensus price target of $20.40.

Iris Energy Price Performance

The company’s 50 day simple moving average is $10.35 and its two-hundred day simple moving average is $10.13.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. Equities research analysts expect that Iris Energy Limited will post 0.43 earnings per share for the current year.

Institutional Trading of Iris Energy

A number of institutional investors have recently added to or reduced their stakes in the business. Stonebridge Financial Group LLC acquired a new position in Iris Energy during the fourth quarter worth $29,000. HM Payson & Co. bought a new position in shares of Iris Energy in the 4th quarter valued at approximately $30,000. R Squared Ltd acquired a new stake in Iris Energy in the 4th quarter worth approximately $37,000. Main Management LLC bought a new stake in Iris Energy during the fourth quarter worth approximately $49,000. Finally, Tower Research Capital LLC TRC grew its holdings in Iris Energy by 1,059.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock valued at $82,000 after purchasing an additional 7,646 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.