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

Iris Energy Limited (NASDAQ:IREN) shares gapped up before the market opened on Tuesday . The stock had previously closed at $11.25, but opened at $11.88. Iris Energy shares last traded at $11.66, with a volume of 2,923,267 shares.

Analysts Set New Price Targets

A number of research firms have issued reports on IREN. Macquarie increased their price target on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Compass Point dropped their price objective on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. HC Wainwright increased their target price on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a 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 report on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Price Performance

The business has a 50-day moving average of $11.34 and a 200-day moving average of $10.27.

Institutional Investors Weigh In On Iris Energy

Several large investors have recently modified their holdings of IREN. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in Iris Energy in the 2nd quarter valued at $779,000. Main Management ETF Advisors LLC purchased a new stake in shares of Iris Energy in the third quarter valued at about $760,000. Van ECK Associates Corp boosted its stake in shares of Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after buying an additional 576,726 shares during the period. Vontobel Holding Ltd. grew its holdings in shares of Iris Energy by 123.1% during the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after buying an additional 27,212 shares during the last quarter. Finally, Creative Planning increased its position in Iris Energy by 71.2% in the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after acquiring an additional 190,300 shares during the period. 41.08% of the stock is owned by institutional investors and hedge funds.

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.