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

Iris Energy Limited (NASDAQ:IREN) was the target of some unusual options trading activity on Thursday. Stock investors acquired 92,394 call options on the company. This represents an increase of 60% compared to the average volume of 57,695 call options.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on IREN shares. Canaccord Genuity Group increased their target price on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Roth Mkm began coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. JPMorgan Chase & Co. restated a “neutral” rating and issued a $15.00 target price (up from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Finally, HC Wainwright lifted their price target on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Iris Energy Stock Performance

Shares of NASDAQ IREN opened at $11.41 on Friday. The stock’s fifty day simple moving average is $11.01 and its 200 day simple moving average is $10.19. Iris Energy has a 52-week low of $3.56 and a 52-week high of $15.92.

Hedge Funds Weigh In On Iris Energy

A number of institutional investors have recently bought and sold shares of IREN. D1 Capital Partners L.P. purchased a new stake in Iris Energy during the second quarter valued at about $17,319,000. Hood River Capital Management LLC purchased a new position in shares of Iris Energy in the second quarter worth approximately $13,618,000. Marshall Wace LLP raised its holdings in shares of Iris Energy by 33.6% during the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after acquiring an additional 958,494 shares during the period. Bank of Montreal Can purchased a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $9,969,000. Finally, Van ECK Associates Corp boosted its stake in Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after purchasing an additional 576,726 shares during the period. Hedge funds and other 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.