Investors Purchase Large Volume of Call Options on Iris Energy (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) saw unusually large options trading on Thursday. Stock investors bought 162,296 call options on the stock. This is an increase of approximately 235% compared to the typical volume of 48,411 call options.

Hedge Funds Weigh In On Iris Energy

Several large investors have recently made changes to their positions in IREN. AFG Fiduciary Services Limited Partnership bought a new stake in Iris Energy during the 3rd quarter valued at approximately $77,000. Covestor Ltd bought a new stake in shares of Iris Energy during the third quarter valued at approximately $87,000. Sippican Capital Advisors purchased a new position in shares of Iris Energy in the third quarter worth $94,000. Bluefin Capital Management LLC purchased a new position in shares of Iris Energy in the second quarter worth $113,000. Finally, PEAK6 Investments LLC bought a new position in shares of Iris Energy during the first quarter worth $133,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Roth Capital raised Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. B. Riley lowered their price objective on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Canaccord Genuity Group raised their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday. Cantor Fitzgerald upped their target price on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research note on Wednesday. One research 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 company’s stock. Based on data from MarketBeat, Iris Energy currently has a consensus rating of “Buy” and an average price target of $16.33.

Iris Energy Stock Up 29.7 %

Shares of Iris Energy stock opened at $12.40 on Friday. Iris Energy has a fifty-two week low of $3.56 and a fifty-two week high of $15.75. The company has a fifty day moving average of $9.42 and a 200 day moving average of $9.48.

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.