Iris Energy Limited (NASDAQ:IREN - Get Free Report) dropped 6.9% on Monday . The stock traded as low as $9.81 and last traded at $9.97. Approximately 4,160,095 shares changed hands during trading, a decline of 70% from the average daily volume of 13,704,834 shares. The stock had previously closed at $10.71.
Analyst Upgrades and Downgrades
IREN has been the subject of a number of recent research reports. Macquarie raised their target price on Iris Energy from $13.50 to $19.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. BTIG Research initiated coverage on Iris Energy in a report on Friday, December 20th. They issued a "buy" rating and a $33.00 price objective for the company. B. Riley upped their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Roth Capital raised Iris Energy to a "strong-buy" rating in a report on Tuesday, October 1st. Finally, Cantor Fitzgerald upped their price target on Iris Energy from $20.00 to $23.00 and gave the company an "overweight" rating in a research report on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $19.50.
Get Our Latest Stock Report on Iris Energy
Iris Energy Price Performance
The stock has a 50 day moving average of $11.41 and a 200 day moving average of $10.24.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Iris Energy by 1,521.1% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company's stock worth $2,123,000 after acquiring an additional 176,451 shares during the last quarter. MKP Capital Management L.L.C. purchased a new stake in Iris Energy during the second quarter valued at about $3,139,000. X Square Capital LLC purchased a new stake in Iris Energy during the second quarter valued at about $508,000. VitalStone Financial LLC grew its stake in shares of Iris Energy by 467.1% during the second quarter. VitalStone Financial LLC now owns 79,285 shares of the company's stock valued at $895,000 after buying an additional 65,305 shares during the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Iris Energy in the second quarter worth about $779,000. 41.08% of the stock is currently owned by institutional investors.
About Iris Energy
(
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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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