Iris Energy (NASDAQ:IREN) Stock Price Down 10.9% - Here's What Happened

Shares of Iris Energy Limited (NASDAQ:IREN) experienced a notable decline, dropping by 10.9% during mid-day trading on Friday. The stock reached a low of $11.18 before closing at $11.02. On that day, around 12,223,263 shares changed hands, representing a 24% decrease in trading volume compared to the average daily volume of 16,119,420 shares. Previously, the stock closed at $12.36.

Analyst Opinions on IREN

The performance of Iris Energy has drawn attention from multiple Wall Street analysts. Recently, HC Wainwright raised their price target for Iris Energy from $16.00 to $22.00, providing a "buy" rating in their report on February 13. Similarly, JPMorgan Chase & Co. maintained a "neutral" rating while increasing their price target from $9.50 to $15.00 in their analysis on December 10. B. Riley also upgraded their price target from $15.00 to $16.00, affirming a "buy" rating on December 19. Cantor Fitzgerald issued an "overweight" rating with a target price of $23.00 on the same day, and Macquarie adjusted their target from $13.50 to $19.00, giving it an "outperform" rating in early December. Presently, MarketBeat.com indicates that two analysts have rated the stock as a hold, nine have given a buy rating, and one analyst has issued a strong buy rating. Overall, the average rating for Iris Energy stands at "Moderate Buy" with a target price of $20.70.

Performance Insights

Iris Energy's stock has shown a decrease of 12.0% recently, with a 50-day moving average price of $11.58 and a 200-day moving average price of $10.09. The company reported its quarterly earnings on February 12, posting earnings of $0.09 per share, outperforming the consensus estimate of a loss of $0.04 by $0.13. However, the firm has a negative return on equity of 3.98% and a negative net margin of 17.94%. Analysts predict Iris Energy Limited will report earnings of 0.43 per share for the current fiscal year.

Institutional Investor Activity

In recent months, several hedge funds and institutional investors have adjusted their holdings in Iris Energy. For instance, Stonebridge Financial Group LLC acquired a new stake in the company during the fourth quarter, investing approximately $29,000. HM Payson & Co. also bought shares worth around $30,000 in the same quarter. Other notable investments include R Squared Ltd and Main Management LLC, which purchased stakes worth $37,000 and $49,000, respectively. Additionally, Tower Research Capital LLC significantly increased its holdings in Iris Energy by 1,059.0%, owning 8,368 shares after acquiring an extra 7,646 shares during the quarter. Currently, 41.08% of the stock is held by hedge funds and other institutional investors.

About Iris Energy

Iris Energy Limited specializes in owning and operating bitcoin mining data centers. Founded in 2018, the company is headquartered in Sydney, Australia.

Important Considerations

Before making any investment decisions regarding Iris Energy, investors should consider expert opinions and trends in the industry. While the consensus rating for Iris Energy currently remains favorable, it may be worthwhile to research and compare potential investments with other market options.

Iris, Energy, Stocks