Iris Energy (NASDAQ:IREN) Trading Down 5.9%

Iris Energy Limited (NASDAQ:IREN) was down 5.9% on Tuesday . The stock traded as low as $7.90 and last traded at $7.94. Approximately 3,794,675 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 12,497,063 shares. The stock had previously closed at $8.44.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on IREN shares. Compass Point cut their target price on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Needham & Company LLC initiated coverage on shares of Iris Energy in a research report on Wednesday, September 4th. They issued a “hold” rating on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $15.00 price target on shares of Iris Energy in a research note on Thursday, August 29th. 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 report on Thursday, August 29th. Finally, B. Riley lowered their target price on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.63.

Iris Energy Trading Down 9.2 %

The company has a fifty day moving average of $8.14 and a 200 day moving average of $8.18.

Institutional Trading of Iris Energy

Institutional investors have recently modified their holdings of the company. VitalStone Financial LLC raised its position in Iris Energy by 373.9% in the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares in the last quarter. CCG Wealth Management LLC bought a new stake in shares of Iris Energy in the 1st quarter worth approximately $72,000. Bluefin Capital Management LLC acquired a new stake in Iris Energy during the second quarter valued at approximately $113,000. PEAK6 Investments LLC bought a new stake in Iris Energy during the first quarter worth approximately $133,000. Finally, Seven Eight Capital LP acquired a new position in Iris Energy in the second quarter worth approximately $146,000. Institutional investors and hedge funds 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.