Iris Energy (NASDAQ:IREN) Trading Down 4.9% - Here's Why

Shares of Iris Energy Limited (NASDAQ:IREN - Get Free Report) were down 4.9% during mid-day trading on Wednesday . The company traded as low as $8.79 and last traded at $8.78. Approximately 3,295,923 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 16,177,183 shares. The stock had previously closed at $9.24.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IREN. Canaccord Genuity Group reissued a "buy" rating and issued a $23.00 target price on shares of Iris Energy in a research report on Friday, May 16th. JPMorgan Chase & Co. raised shares of Iris Energy from a "neutral" rating to an "overweight" rating and cut their price objective for the company from $15.00 to $12.00 in a research report on Thursday, March 13th. HC Wainwright dropped their price target on shares of Iris Energy from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Wall Street Zen cut Iris Energy from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, B. Riley lifted their price objective on shares of Iris Energy from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Iris Energy currently has an average rating of "Moderate Buy" and an average target price of $20.30.

Iris Energy Price Performance

The stock's fifty day moving average is $6.84 and its 200 day moving average is $9.41.

Iris Energy (NASDAQ:IREN - Get Free Report) last released its earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.06). Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. The firm had revenue of $148.10 million during the quarter, compared to the consensus estimate of $153.38 million. On average, research analysts expect that Iris Energy Limited will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

Several hedge funds have recently modified their holdings of IREN. Wellington Management Group LLP lifted its holdings in shares of Iris Energy by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company's stock valued at $80,000 after purchasing an additional 1,387 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Iris Energy by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company's stock worth $123,000 after acquiring an additional 2,035 shares during the period. Stonebridge Financial Group LLC purchased a new position in Iris Energy during the fourth quarter worth approximately $29,000. HM Payson & Co. acquired a new position in shares of Iris Energy during the 4th quarter worth approximately $30,000. Finally, TRU Independence Asset Management 2 LLC lifted its position in shares of Iris Energy by 22.1% during the 1st quarter. TRU Independence Asset Management 2 LLC now owns 20,241 shares of the company's stock valued at $123,000 after buying an additional 3,670 shares in the last quarter. Hedge funds and other institutional investors own 41.08% of the company's stock.

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.