Iris Energy (NASDAQ:IREN) Shares Gap Up – Still a Buy?

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $11.25, but opened at $11.88. Iris Energy shares last traded at $11.66, with a volume of 2,923,267 shares trading hands.

Analyst Ratings Changes

IREN has been the topic of a number of research analyst reports. Cantor Fitzgerald upped their price target on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Canaccord Genuity Group lifted their target price on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. BTIG Research began coverage on Iris Energy in a report on Friday. They set a “buy” rating and a $33.00 price target on the stock. Macquarie lifted their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. Two equities research analysts have 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Iris Energy Stock Up 4.4 %

The business has a 50 day moving average price of $11.23 and a two-hundred day moving average price of $10.25.

Institutional Investors Weigh In On Iris Energy

Large investors have recently made changes to their positions in the business. AFG Fiduciary Services Limited Partnership purchased a new position in Iris Energy in the third quarter valued at about $77,000. Covestor Ltd purchased a new position in shares of Iris Energy in the third quarter worth about $87,000. Sippican Capital Advisors bought a new stake in shares of Iris Energy in the third quarter valued at approximately $94,000. Bluefin Capital Management LLC purchased a new stake in shares of Iris Energy during the 2nd quarter valued at approximately $113,000. Finally, Seven Eight Capital LP purchased a new position in Iris Energy in the 2nd quarter valued at approximately $146,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.