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 $9.25, but opened at $9.70. Iris Energy shares last traded at $10.46, with a volume of 4,722,638 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IREN shares. Canaccord Genuity Group reissued a “buy” rating and set a $15.00 price objective on shares of Iris Energy in a report on Thursday, August 29th. Compass Point dropped their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of Iris Energy in a research note on Thursday, October 3rd. HC Wainwright decreased their price objective on Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Macquarie raised their target price on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Iris Energy presently has an average rating of “Buy” and a consensus target price of $15.44.

Iris Energy Price Performance

The business has a 50-day moving average of $8.23 and a 200-day moving average of $8.69.

Institutional Investors Weigh In On Iris Energy

Institutional investors have recently made changes to their positions in the company. Truist Financial Corp raised its position in Iris Energy by 3.2% in the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after purchasing an additional 1,575 shares during the period. Chicago Partners Investment Group LLC grew its stake in shares of Iris Energy by 13.2% during the third quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock valued at $473,000 after buying an additional 6,347 shares during the last quarter. Bluefin Capital Management LLC bought a new position in shares of Iris Energy during the second quarter valued at approximately $113,000. AFG Fiduciary Services Limited Partnership purchased a new stake in shares of Iris Energy in the third quarter worth approximately $77,000. Finally, VitalStone Financial LLC lifted its stake in shares of Iris Energy by 373.9% during the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares during the last quarter. Institutional investors 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.