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

Shares of Iris Energy Limited (NASDAQ:IREN) gapped up prior to trading on Tuesday . The stock had previously closed at $10.46, but opened at $11.15. Iris Energy shares last traded at $11.22, with a volume of 1,799,005 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Macquarie increased their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. HC Wainwright upped their price objective on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Cantor Fitzgerald lifted their price target on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Price Performance

The company has a 50-day moving average price of $11.62 and a 200 day moving average price of $10.05.

Hedge Funds Weigh In On Iris Energy

Hedge funds have recently bought and sold shares of the business. Truist Financial Corp lifted its position in shares of Iris Energy by 3.2% in the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after acquiring an additional 1,575 shares in the last quarter. Chesapeake Capital Corp IL raised its position in shares of Iris Energy by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock valued at $157,000 after buying an additional 3,861 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of Iris Energy by 13.2% in the third quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock worth $473,000 after buying an additional 6,347 shares in the last quarter. Wellington Management Group LLP boosted its position in Iris Energy by 28.3% during the third quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock worth $309,000 after acquiring an additional 8,092 shares during the last quarter. Finally, Bluefin Capital Management LLC acquired a new stake in Iris Energy in the 2nd quarter valued at about $113,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.