Iris Energy (NASDAQ:IREN) Stock Price Down 2.9% - Should You Sell?

Shares of Iris Energy Limited (NASDAQ:IREN - Get Free Report) dropped 2.9% during trading on Tuesday . The company traded as low as $5.65 and last traded at $5.58. Approximately 1,760,294 shares traded hands during trading, a decline of 89% from the average daily volume of 15,356,234 shares. The stock had previously closed at $5.75.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Iris Energy in a research note on Thursday, February 13th. JPMorgan Chase & Co. raised shares of Iris Energy from a "neutral" rating to an "overweight" rating and dropped their price target for the company from $15.00 to $12.00 in a research note on Thursday, March 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 research note on Thursday, February 13th. HC Wainwright raised their target price on Iris Energy from $16.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 price target on shares of Iris Energy in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.40.

Iris Energy Stock Performance

The stock's 50-day moving average is $7.73 and its 200-day moving average is $9.81.

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

Hedge Funds Weigh In On Iris Energy

A number of large investors have recently modified their holdings of IREN. State Street Corp lifted its stake in shares of Iris Energy by 62.2% in the third quarter. State Street Corp now owns 79,759 shares of the company's stock valued at $673,000 after buying an additional 30,576 shares in the last quarter. Wellington Management Group LLP lifted its position in Iris Energy by 28.3% in the 3rd quarter. Wellington Management Group LLP now owns 36,651 shares of the company's stock valued at $309,000 after acquiring an additional 8,092 shares in the last quarter. Geode Capital Management LLC increased its holdings in Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company's stock worth $6,204,000 after purchasing an additional 264,883 shares in the last quarter. Harbour Capital Advisors LLC purchased a new stake in shares of Iris Energy in the fourth quarter worth approximately $282,000. Finally, XML Financial LLC bought a new position in shares of Iris Energy in the fourth quarter valued at approximately $196,000. 41.08% of the stock is currently owned by institutional investors.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.