Iris Energy (NASDAQ:IREN) Shares Gap Up to $11.29

Iris Energy Limited (NASDAQ:IREN)’s share price gapped up before the market opened on Monday . The stock had previously closed at $11.29, but opened at $11.59. Iris Energy shares last traded at $11.92, with a volume of 2,757,015 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on IREN shares. Canaccord Genuity Group increased their price objective on shares of Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. HC Wainwright restated a “buy” rating and set a $10.00 price objective on shares of Iris Energy in a research report on Thursday, May 16th. Cantor Fitzgerald upgraded shares of Iris Energy to a “strong-buy” rating in a research report on Wednesday, June 12th. JPMorgan Chase & Co. increased their price target on shares of Iris Energy from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. Finally, B. Riley increased their price target on shares of Iris Energy from $9.50 to $18.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $16.33.

Iris Energy Price Performance

The stock’s 50 day moving average price is $8.66 and its 200-day moving average price is $6.71.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.04). The company had revenue of $54.35 million for the quarter, compared to the consensus estimate of $58.41 million. As a group, research analysts anticipate that Iris Energy Limited will post 0.01 EPS for the current year.

Hedge Funds Weigh In On Iris Energy

Several institutional investors have recently bought and sold shares of the stock. Goldentree Asset Management LP purchased a new position in Iris Energy during the first quarter valued at $626,000. PEAK6 Investments LLC purchased a new position in Iris Energy during the first quarter valued at $133,000. K2 Principal Fund L.P. purchased a new position in Iris Energy during the first quarter valued at $675,000. Vident Advisory LLC lifted its position in Iris Energy by 58.0% during the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after purchasing an additional 717,843 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new position in Iris Energy during the first quarter valued at $893,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.