Iris Energy (NASDAQ:IREN) Stock Price Down 5.9% – Should You Sell?

Shares of Iris Energy Limited (NASDAQ:IREN) were down 5.9% on Tuesday . The stock traded as low as $9.42 and last traded at $9.50. Approximately 10,172,122 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 17,103,824 shares. The stock had previously closed at $10.09.

Analyst Upgrades and Downgrades

IREN has been the topic of several recent research reports. Macquarie boosted their price target on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. 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 research note on Thursday, December 19th. Canaccord Genuity Group boosted their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Roth Mkm assumed coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price objective on the stock. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Stock Performance

The firm has a 50-day moving average price of $11.79 and a 200-day moving average price of $9.92.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. Sell-side analysts predict that Iris Energy Limited will post 0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IREN. Van ECK Associates Corp increased its position in Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after acquiring an additional 576,726 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Iris Energy in the second quarter valued at about $9,969,000. Regal Partners Ltd boosted its holdings in Iris Energy by 2.7% during the third quarter. Regal Partners Ltd now owns 875,303 shares of the company’s stock worth $7,388,000 after purchasing an additional 23,132 shares during the last quarter. Geode Capital Management LLC raised its holdings in Iris Energy by 56.3% during the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after acquiring an additional 264,883 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in shares of Iris Energy by 23.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 713,635 shares of the company’s stock worth $6,023,000 after purchasing an additional 136,643 shares during the last quarter. 41.08% of the stock is 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.