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

Iris Energy Limited (NASDAQ:IREN) was the recipient of some unusual options trading on Thursday. Traders purchased 92,394 call options on the stock. This is an increase of 60% compared to the typical daily volume of 57,695 call options.

Hedge Funds Weigh In On Iris Energy

A number of large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after buying an additional 264,883 shares during the period. Sender Co & Partners Inc. acquired a new stake in shares of Iris Energy in the third quarter worth approximately $561,000. Continuum Advisory LLC purchased a new stake in shares of Iris Energy during the third quarter worth approximately $430,000. Y Intercept Hong Kong Ltd raised its stake in Iris Energy by 592.2% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock valued at $1,745,000 after purchasing an additional 176,843 shares during the last quarter. Finally, Main Management ETF Advisors LLC acquired a new position in Iris Energy during the third quarter worth about $760,000. 41.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on IREN. HC Wainwright lifted their target price on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Canaccord Genuity Group upped their price target on Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Cantor Fitzgerald boosted their target price on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Finally, Roth Mkm initiated coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Iris Energy has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Iris Energy Stock Down 4.1 %

Iris Energy stock traded down $0.50 during mid-day trading on Thursday, reaching $11.63. 11,293,708 shares of the company were exchanged, compared to its average volume of 13,807,640. Iris Energy has a 12-month low of $3.56 and a 12-month high of $15.92. The business has a fifty day moving average of $10.92 and a 200 day moving average of $10.18.

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.