Iris Energy (NASDAQ:IREN) Trading Down 7.5% - Here's What Happened

Iris Energy Limited (NASDAQ:IREN - Get Free Report)'s stock price was down 7.5% during mid-day trading on Tuesday . The company traded as low as $9.68 and last traded at $9.62. Approximately 9,291,656 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 15,918,908 shares. The stock had previously closed at $10.40.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on IREN shares. HC Wainwright decreased their target price on Iris Energy from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. B. Riley raised their price target on Iris Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Macquarie raised their price target on Iris Energy from $15.50 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. Wall Street Zen lowered Iris Energy from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. raised Iris Energy from a "neutral" rating to an "overweight" rating and cut their price target for the stock from $15.00 to $12.00 in a report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Iris Energy has an average rating of "Moderate Buy" and an average price target of $20.30.

Iris Energy Stock Performance

The company has a 50 day simple moving average of $7.64 and a 200-day simple moving average of $9.30.

Iris Energy (NASDAQ:IREN - Get Free Report) last issued its quarterly 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 for the quarter, compared to the consensus estimate of $153.38 million. On average, sell-side analysts forecast that Iris Energy Limited will post 0.43 EPS for the current year.

Institutional Investors Weigh In On Iris Energy

Several hedge funds have recently added to or reduced their stakes in the company. HM Payson & Co. bought a new stake in shares of Iris Energy in the 4th quarter valued at about $30,000. Crewe Advisors LLC bought a new stake in shares of Iris Energy in the 1st quarter valued at about $39,000. Quarry LP bought a new stake in shares of Iris Energy in the 1st quarter valued at about $40,000. Main Management LLC bought a new stake in shares of Iris Energy in the 4th quarter valued at about $49,000. Finally, Delta Financial Group Inc. bought a new stake in shares of Iris Energy in the 1st quarter valued at about $61,000. Institutional investors own 41.08% of the company's stock.

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.

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