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

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $8.94, but opened at $9.99. Iris Energy shares last traded at $10.11, with a volume of 2,473,203 shares trading hands.

Analyst Ratings Changes

IREN has been the subject of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 price target on shares of Iris Energy in a report on Wednesday, October 30th. HC Wainwright lowered their target price on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Needham & Company LLC assumed coverage on Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $15.00 price target on shares of Iris Energy in a research report on Thursday, August 29th. Finally, Compass Point cut their price objective on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 30th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Iris Energy has an average rating of “Buy” and a consensus price target of $15.44.

Iris Energy Price Performance

The stock has a 50 day moving average price of $8.32 and a 200-day moving average price of $8.85.

Institutional Investors Weigh In On Iris Energy

A number of large investors have recently modified their holdings of the business. Bluefin Capital Management LLC acquired a new position in Iris Energy during the second quarter worth about $113,000. AFG Fiduciary Services Limited Partnership purchased a new position in Iris Energy in the 3rd quarter worth approximately $77,000. Covestor Ltd purchased a new position in Iris Energy in the 3rd quarter worth approximately $87,000. Sippican Capital Advisors purchased a new position in Iris Energy in the 3rd quarter worth approximately $94,000. Finally, Seven Eight Capital LP acquired a new position in shares of Iris Energy during the 2nd quarter worth approximately $146,000. Hedge funds and other institutional investors 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.