Iris Energy (NASDAQ:IREN) Shares Gap Up – Should You Buy?

Iris Energy Limited (NASDAQ:IREN) gapped up prior to trading on Tuesday . The stock had previously closed at $9.94, but opened at $10.18. Iris Energy shares last traded at $10.01, with a volume of 2,106,716 shares traded.

Analysts Set New Price Targets

IREN has been the subject of several recent analyst reports. B. Riley boosted their price target on Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. BTIG Research started coverage on shares of Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 target price on the stock. Roth Mkm began coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and set a $15.00 price objective (up from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Finally, Canaccord Genuity Group raised their target price on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” 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’s stock. According to data from MarketBeat.com, Iris Energy has a consensus rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Stock Down 1.2 %

The stock has a fifty day moving average of $11.45 and a 200 day moving average of $10.19.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently modified their holdings of IREN. MKP Capital Management L.L.C. purchased a new position in shares of Iris Energy during the 2nd quarter valued at $3,139,000. X Square Capital LLC purchased a new position in shares of Iris Energy in the second quarter valued at about $508,000. VitalStone Financial LLC boosted its stake in shares of Iris Energy by 467.1% in the second quarter. VitalStone Financial LLC now owns 79,285 shares of the company’s stock worth $895,000 after acquiring an additional 65,305 shares during the period. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Iris Energy during the second quarter worth about $779,000. Finally, Seven Eight Capital LP bought a new stake in Iris Energy during the 2nd quarter valued at approximately $146,000. 41.08% of the stock is currently owned by institutional investors.

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.