Iris Energy (NASDAQ:IREN) Shares Gap Up – Here’s Why

Iris Energy Limited (NASDAQ:IREN) gapped up prior to trading on Monday . The stock had previously closed at $9.75, but opened at $10.28. Iris Energy shares last traded at $9.94, with a volume of 3,770,148 shares changing hands.

Analyst Ratings Changes

Several analysts have recently issued reports on IREN shares. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of Iris Energy in a research report on Thursday, February 13th. Wall Street Zen downgraded shares of Iris Energy from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. B. Riley raised their price target on shares of Iris Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. upgraded shares of Iris Energy from a “neutral” rating to an “overweight” rating and dropped their price target for the stock from $15.00 to $12.00 in a research note on Thursday, March 13th. Finally, Macquarie upped their price objective on Iris Energy from $15.50 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Iris Energy has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Iris Energy Trading Up 1.5%

The stock has a fifty day simple moving average of $7.27 and a 200-day simple moving average of $9.36.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.06). The company had revenue of $148.10 million for the quarter, compared to analyst estimates of $153.38 million. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. As a group, sell-side analysts predict that Iris Energy Limited will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently bought and sold shares of IREN. Stonebridge Financial Group LLC acquired a new position in Iris Energy during the fourth quarter worth approximately $29,000. HM Payson & Co. acquired a new position in shares of Iris Energy in the 4th quarter valued at $30,000. Crewe Advisors LLC purchased a new stake in Iris Energy in the 1st quarter valued at $39,000. Quarry LP purchased a new stake in Iris Energy in the 1st quarter valued at $40,000. Finally, Main Management LLC acquired a new stake in Iris Energy during the 4th quarter worth $49,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.