Iris Energy (NASDAQ:IREN) Trading Down 4.4% Following Analyst Downgrade

Iris Energy Limited (NASDAQ:IREN) fell 4.4% during trading on Monday after B. Riley lowered their price target on the stock from $17.00 to $12.00. B. Riley currently has a buy rating on the stock. Iris Energy traded as low as $7.10 and last traded at $7.23. 1,406,521 shares were traded during trading, a decline of 89% from the average session volume of 12,344,972 shares. The stock had previously closed at $7.56.

Other equities research analysts have also recently issued research reports about the company. Macquarie raised their price objective on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. HC Wainwright reduced their price objective on Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a research note on Thursday, August 29th. Sanford C. Bernstein initiated coverage on Iris Energy in a research note on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $15.63.

Institutional Trading of Iris Energy

A number of hedge funds have recently bought and sold shares of the business. Marshall Wace LLP raised its stake in shares of Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after buying an additional 958,494 shares during the period. Vident Advisory LLC raised its stake in shares of Iris Energy by 58.0% in the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after buying an additional 717,843 shares during the period. Van ECK Associates Corp raised its stake in shares of Iris Energy by 23.7% in the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after buying an additional 351,774 shares during the period. D1 Capital Partners L.P. bought a new stake in shares of Iris Energy in the second quarter valued at $17,319,000. Finally, Hood River Capital Management LLC bought a new stake in shares of Iris Energy in the second quarter valued at $13,618,000. 41.08% of the stock is currently owned by institutional investors.

Iris Energy Price Performance

The company has a 50 day simple moving average of $8.98 and a 200-day simple moving average of $7.95.

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.