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

Shares of Iris Energy Limited (NASDAQ:IREN) gapped up prior to trading on Monday . The stock had previously closed at $7.74, but opened at $8.11. Iris Energy shares last traded at $8.10, with a volume of 2,643,457 shares trading hands.

Analysts Set New Price Targets

A number of research firms have weighed in on IREN. Sanford C. Bernstein began coverage on Iris Energy in a report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price target for the company. Compass Point lowered their price target on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. Needham & Company LLC assumed coverage on shares of Iris Energy in a research note on Wednesday, September 4th. They set a “hold” rating on the stock. Roth Mkm began coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price objective for the company. Finally, Roth Capital raised Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $15.44.

Iris Energy Trading Up 6.6 %

The business has a fifty day simple moving average of $7.82 and a 200 day simple moving average of $8.35.

Institutional Trading of Iris Energy

Several institutional investors have recently added to or reduced their stakes in IREN. VitalStone Financial LLC grew its stake in Iris Energy by 373.9% during the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after buying an additional 11,030 shares during the last quarter. CCG Wealth Management LLC acquired a new position in shares of Iris Energy in the 1st quarter worth approximately $72,000. Bluefin Capital Management LLC bought a new stake in shares of Iris Energy in the 2nd quarter worth approximately $113,000. PEAK6 Investments LLC acquired a new stake in Iris Energy during the first quarter valued at approximately $133,000. Finally, Seven Eight Capital LP bought a new stake in Iris Energy during the second quarter worth approximately $146,000. Institutional investors own 41.08% of the company’s stock.

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.