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

Iris Energy Limited (NASDAQ:IREN) saw unusually large options trading on Wednesday. Investors bought 83,610 call options on the company. This is an increase of approximately 33% compared to the average daily volume of 62,638 call options.

Hedge Funds Weigh In On Iris Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bluefin Capital Management LLC purchased a new stake in Iris Energy during the 2nd quarter valued at about $113,000. AFG Fiduciary Services Limited Partnership purchased a new stake in shares of Iris Energy during the third quarter valued at approximately $77,000. Covestor Ltd bought a new stake in shares of Iris Energy during the third quarter valued at 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 purchased a new stake in Iris Energy during the 2nd quarter valued at $146,000. 41.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IREN. 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 research report on Tuesday, December 10th. HC Wainwright boosted their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Cantor Fitzgerald raised their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Roth Mkm began coverage on Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective on the stock. Finally, BTIG Research began coverage on Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Stock Up 5.3 %

NASDAQ:IREN traded up $0.58 during trading hours on Wednesday, reaching $11.55. 12,203,846 shares of the company traded hands, compared to its average volume of 13,155,521. The business’s 50-day moving average price is $11.70 and its two-hundred day moving average price is $10.04. Iris Energy has a 1 year low of $3.56 and a 1 year high of $15.92.

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.