Iris Energy (NASDAQ:IREN) Trading Up 5.2% – Here’s Why

Iris Energy Limited (NASDAQ:IREN)’s share price was up 5.2% during mid-day trading on Friday . The company traded as high as $7.75 and last traded at $7.71. Approximately 2,167,406 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 12,461,209 shares. The stock had previously closed at $7.33.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IREN. B. Riley cut their target price on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 price objective on shares of Iris Energy in a research note on Thursday, October 3rd. Compass Point lowered their price target on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Macquarie raised their price target on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Roth Mkm assumed coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target on the stock. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $15.44.

Iris Energy Stock Up 3.3 %

The business’s fifty day moving average is $7.84 and its 200 day moving average is $8.30.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. VitalStone Financial LLC boosted its stake in Iris Energy by 373.9% in the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after purchasing an additional 11,030 shares during the period. CCG Wealth Management LLC purchased a new position in shares of Iris Energy during the first quarter valued at $72,000. Bluefin Capital Management LLC purchased a new position in Iris Energy during the 2nd quarter valued at about $113,000. PEAK6 Investments LLC acquired a new position in shares of Iris Energy in the 1st quarter valued at about $133,000. Finally, Seven Eight Capital LP acquired a new stake in shares of Iris Energy during the second quarter worth approximately $146,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.