Iris Energy (NASDAQ:IREN) Shares Gap Down - Here's Why

Iris Energy Limited (NASDAQ:IREN) experienced a significant decline in share price at the opening of the market on Monday. The stock, which had previously closed at $10.22, opened lower at $9.32. By the end of trading, Iris Energy shares were priced at $10.02, with a total trading volume of 5,038,120 shares.

Analyst Ratings Adjustments

Recent evaluations by analysts indicate a mix of opinions regarding Iris Energy's stock. On Thursday, December 19th, B. Riley raised their price target from $15.00 to $16.00 and categorized the stock with a "buy" rating. Shortly before that, on December 4th, Macquarie upgraded its target price from $13.50 to $19.00 and assigned the company an "outperform" rating. BTIG Research began coverage on Iris Energy on December 20th, providing a "buy" rating alongside a price target of $33.00. Conversely, JPMorgan Chase & Co. confirmed a "neutral" rating with a revised price target of $15.00, increasing their previous target of $9.50 as noted in their report on December 10th. Additionally, Needham & Company LLC reiterated a "hold" rating on November 27th. In summary, two research analysts have given a hold rating, nine have suggested buying the stock, and one has assigned a strong buy rating. As per data from MarketBeat, Iris Energy holds a consensus rating of "Moderate Buy" with an average price target of $19.50.

Check Out the Latest Report on Iris Energy

Iris Energy's Recent Trading Performance

The stock's fifty-day simple moving average stands at $11.79, while the two-hundred-day moving average is $9.86. Recently, Iris Energy reported earnings for its last quarter on November 26th, revealing an earnings per share (EPS) of ($0.22), falling short of analysts' estimates of ($0.11) by $0.11. The company reported a negative return on equity of 8.01% and a net margin of 36.10%. Currently, analysts anticipate that Iris Energy Limited will post an EPS of 0.11 for the ongoing year.

Institutional Investors' Activity

Several hedge funds and institutional investors have adjusted their investments in Iris Energy. Private Advisor Group LLC acquired a new position in Iris Energy worth $120,000 in the fourth quarter. Vontobel Holding Ltd. raised its stake by 13.4% during the same period, bringing their total to 55,923 shares, valued at approximately $549,000. Other notable investments include Stonebridge Financial Group LLC and Apollon Wealth Management LLC, which both purchased new shares valued at $29,000 and $156,000, respectively. Stratos Wealth Advisors LLC also acquired a new position valued at approximately $789,000 during the fourth quarter. Currently, institutional investors hold about 41.08% of Iris Energy's shares.

About Iris Energy

Iris Energy Limited specializes in the operation of bitcoin mining data centers. Established in 2018, the company is headquartered in Sydney, Australia.

Important Considerations for Investors

Before making any investment decisions related to Iris Energy, potential investors should conduct thorough research and reflect on recent market trends. While the company has a "Moderate Buy" rating among analysts, experts have highlighted several other stocks they consider to be more attractive investments at this time.

Iris, Energy, Stocks