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

Iris Energy Limited (NASDAQ:IREN) saw some unusual options trading on Tuesday. Investors acquired 88,221 call options on the company. This represents an increase of 106% compared to the typical volume of 42,798 call options.

Iris Energy Stock Up 0.5 %

NASDAQ:IREN traded up $0.05 on Wednesday, reaching $10.60. The company’s stock had a trading volume of 9,096,217 shares, compared to its average volume of 12,952,473. The business’s 50-day moving average price is $8.23 and its two-hundred day moving average price is $8.69. Iris Energy has a 1-year low of $2.79 and a 1-year high of $15.75.

Analysts Set New Price Targets

Several equities research analysts have weighed in on IREN shares. Roth Mkm initiated coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price objective for the company. Needham & Company LLC assumed coverage on shares of Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating for the company. Roth Capital raised Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Macquarie lifted their target price on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $15.00 target price on shares of Iris Energy in a research report on Thursday, August 29th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $15.44.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IREN. VitalStone Financial LLC raised its holdings in shares of Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares during the period. AFG Fiduciary Services Limited Partnership acquired a new stake in shares of Iris Energy in the 3rd quarter valued at about $77,000. Sippican Capital Advisors acquired a new stake in shares of Iris Energy in the 3rd quarter valued at about $94,000. Bluefin Capital Management LLC acquired a new position in shares of Iris Energy during the second quarter worth about $113,000. Finally, PEAK6 Investments LLC bought a new position in shares of Iris Energy during the first quarter worth about $133,000. 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.