Iris Energy (NASDAQ:IREN) Stock Price Up 7.8% – Time to Buy?

Shares of Iris Energy Limited (NASDAQ:IREN) were up 7.8% on Friday . The stock traded as high as $9.65 and last traded at $9.65. Approximately 14,748,581 shares traded hands during trading, an increase of 16% from the average daily volume of 12,673,844 shares. The stock had previously closed at $8.95.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Needham & Company LLC assumed coverage on Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating on the stock. Compass Point dropped their price objective on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Macquarie increased their target price on Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Roth Mkm initiated coverage on Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. Finally, Roth Capital upgraded Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $15.44.

Iris Energy Price Performance

The company has a 50 day moving average price of $7.92 and a 200 day moving average price of $8.41.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently added to or reduced their stakes in IREN. VitalStone Financial LLC boosted its stake in shares of Iris Energy by 373.9% in the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after buying an additional 11,030 shares during the last quarter. CCG Wealth Management LLC purchased a new position in shares of Iris Energy in the 1st quarter worth approximately $72,000. AFG Fiduciary Services Limited Partnership purchased a new position in shares of Iris Energy in the 3rd quarter worth approximately $77,000. Bluefin Capital Management LLC purchased a new position in shares of Iris Energy in the 2nd quarter worth approximately $113,000. Finally, PEAK6 Investments LLC purchased a new position in shares of Iris Energy in the 1st quarter worth approximately $133,000. Institutional investors and hedge funds 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.