Iris Energy (NASDAQ:IREN) Shares Gap Up – Time to Buy?

Iris Energy Limited (NASDAQ:IREN) gapped up before the market opened on Monday . The stock had previously closed at $9.25, but opened at $9.70. Iris Energy shares last traded at $10.46, with a volume of 4,722,638 shares traded.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Compass Point lowered their price objective on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Needham & Company LLC initiated coverage on shares of Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating for the company. Sanford C. Bernstein assumed coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 target price on the stock. Finally, Macquarie lifted their price objective on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $15.44.

Iris Energy Stock Up 17.2 %

The stock has a 50-day moving average of $8.13 and a 200 day moving average of $8.60.

Institutional Trading of Iris Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP grew its position in Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after purchasing an additional 958,494 shares in the last quarter. Vident Advisory LLC boosted its position in Iris Energy by 58.0% during the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after buying an additional 717,843 shares during the period. Van ECK Associates Corp raised its holdings in Iris Energy by 23.7% in the 1st quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock worth $9,924,000 after purchasing an additional 351,774 shares in the last quarter. D1 Capital Partners L.P. bought a new stake in Iris Energy during the second quarter worth about $17,319,000. Finally, Hood River Capital Management LLC purchased a new stake in shares of Iris Energy during the second quarter valued at approximately $13,618,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.