Iris Energy Target of Unusually High Options Trading (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) was the target of unusually large options trading on Wednesday. Traders acquired 83,610 call options on the company. This is an increase of 33% compared to the average volume of 62,638 call options.

Institutional Investors Weigh In On Iris Energy

Several institutional investors and hedge funds have recently bought and sold shares of IREN. D1 Capital Partners L.P. bought a new stake in Iris Energy during the second quarter worth about $17,319,000. Hood River Capital Management LLC bought a new stake in Iris Energy during the second quarter worth about $13,618,000. Marshall Wace LLP lifted its position in Iris Energy by 33.6% during the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after purchasing an additional 958,494 shares during the period. Bank of Montreal Can bought a new stake in Iris Energy during the second quarter worth about $9,969,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after acquiring an additional 576,726 shares during the last quarter. Institutional investors own 41.08% of the company’s stock.

Iris Energy Stock Up 5.3 %

IREN opened at $11.55 on Thursday. Iris Energy has a twelve month low of $3.56 and a twelve month high of $15.92. The company has a 50-day simple moving average of $11.71 and a 200 day simple moving average of $10.05.

Analyst Ratings Changes

A number of research analysts recently weighed in on IREN shares. JPMorgan Chase & Co. reissued a “neutral” rating and set a $15.00 target price (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Cantor Fitzgerald boosted their price target on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research note on Wednesday, November 27th. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Finally, BTIG Research assumed coverage on Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 price target for the company. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

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.