Iris Energy (NASDAQ:IREN) Trading Down 3.6% – Here’s What Happened

Shares of Iris Energy Limited (NASDAQ:IREN) traded down 3.6% on Wednesday . The stock traded as low as $7.74 and last traded at $7.76. 2,940,601 shares traded hands during trading, a decline of 76% from the average session volume of 12,473,435 shares. The stock had previously closed at $8.05.

Wall Street Analyst Weigh In

IREN has been the topic of several recent analyst reports. Macquarie upped their price objective on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. Needham & Company LLC initiated coverage on shares of Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating on the stock. HC Wainwright lowered their target price on Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Roth Capital raised Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Finally, Sanford C. Bernstein assumed coverage on Iris Energy in a report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Iris Energy currently has a consensus rating of “Buy” and a consensus price target of $15.44.

Iris Energy Stock Performance

The company’s 50-day simple moving average is $7.93 and its 200-day simple moving average is $8.31.

Hedge Funds Weigh In On Iris Energy

Large investors have recently bought and sold shares of the company. D1 Capital Partners L.P. acquired a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $17,319,000. Hood River Capital Management LLC acquired a new stake in shares of Iris Energy in the 2nd quarter worth approximately $13,618,000. Marshall Wace LLP raised its holdings in Iris Energy by 33.6% during the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after purchasing an additional 958,494 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Iris Energy in the 2nd quarter worth about $9,969,000. Finally, Vident Advisory LLC increased its holdings in Iris Energy by 58.0% during the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after acquiring an additional 717,843 shares in the last quarter. Hedge funds and other institutional investors 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.