Iris Energy (NASDAQ:IREN) Trading Up 7.9% – Time to Buy?

Shares of Iris Energy Limited (NASDAQ:IREN) shot up 7.9% during mid-day trading on Friday . The stock traded as high as $10.55 and last traded at $10.49. 6,238,653 shares were traded during trading, a decline of 53% from the average session volume of 13,309,292 shares. The stock had previously closed at $9.72.

Wall Street Analyst Weigh In

IREN has been the topic of several recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price target on shares of Iris Energy in a research note on Wednesday, October 30th. Needham & Company LLC started coverage on shares of Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating on the stock. Compass Point lowered their target price on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Finally, Macquarie upped their price objective on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a report on Friday, August 30th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $15.44.

Iris Energy Stock Performance

The company’s 50-day moving average price is $9.24 and its 200-day moving average price is $9.33.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. purchased a new stake in shares of Iris Energy during the first quarter worth $893,000. Central Asset Investments & Management Holdings HK Ltd acquired a new position in Iris Energy during the 2nd quarter worth $779,000. Van ECK Associates Corp increased its holdings in Iris Energy by 56.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after purchasing an additional 576,726 shares during the period. Vontobel Holding Ltd. raised its position in Iris Energy by 123.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock valued at $416,000 after purchasing an additional 27,212 shares in the last quarter. Finally, Creative Planning boosted its stake in shares of Iris Energy by 71.2% in the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after buying an additional 190,300 shares during the period. 41.08% of the stock is currently owned by institutional investors and hedge funds.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.