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

Iris Energy Limited (NASDAQ:IREN) was the recipient of some unusual options trading activity on Thursday. Investors bought 162,296 call options on the stock. This is an increase of 235% compared to the average daily volume of 48,411 call options.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. HC Wainwright raised their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday. B. Riley cut their price target on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, September 13th. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Finally, 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 objective for the company. 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. Based on data from MarketBeat, Iris Energy presently has an average rating of “Buy” and an average target price of $16.33.

Hedge Funds Weigh In On Iris Energy

A number of large investors have recently added to or reduced their stakes in IREN. D1 Capital Partners L.P. purchased a new position in Iris Energy in the 2nd quarter worth $17,319,000. Hood River Capital Management LLC purchased a new position in shares of Iris Energy in the second quarter valued at about $13,618,000. Marshall Wace LLP increased its position in shares of Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after acquiring an additional 958,494 shares during the period. Bank of Montreal Can purchased a new position in shares of Iris Energy in the second quarter valued at about $9,969,000. Finally, Van ECK Associates Corp increased its position in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after acquiring an additional 576,726 shares during the period. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Iris Energy Trading Up 29.7 %

Shares of NASDAQ:IREN opened at $12.40 on Thursday. The company’s fifty day moving average is $9.32 and its 200 day moving average is $9.46. Iris Energy has a 52 week low of $3.56 and a 52 week high of $15.75.

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.