Iris Energy (NASDAQ:IREN) Shares Down 5.2% – Should You Sell?

Iris Energy Limited (NASDAQ:IREN) traded down 5.2% on Wednesday . The stock traded as low as $11.17 and last traded at $11.76. 10,423,722 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 13,165,736 shares. The stock had previously closed at $12.40.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on IREN shares. Roth Capital raised Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Canaccord Genuity Group restated a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a research report on Thursday, August 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $20.00 price target on shares of Iris Energy in a research report on Wednesday, October 30th. Finally, HC Wainwright lowered their price objective on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $15.44.

Iris Energy Stock Performance

The business’s 50 day simple moving average is $8.87 and its two-hundred day simple moving average is $9.10.

Hedge Funds Weigh In On Iris Energy

Institutional investors and hedge funds have recently bought and sold shares of the company. Paloma Partners Management Co acquired a new position in shares of Iris Energy in the third quarter valued at approximately $2,739,000. Capstone Investment Advisors LLC acquired a new position in Iris Energy in the 3rd quarter valued at approximately $295,000. Corsair Capital Management L.P. bought a new position in shares of Iris Energy during the third quarter valued at $782,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Iris Energy during the third quarter worth $1,371,000. Finally, Centaurus Financial Inc. bought a new stake in shares of Iris Energy in the third quarter worth $272,000. 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.