Iris Energy (NASDAQ:IREN) Trading 13.7% Higher – Still a Buy?

Iris Energy Limited (NASDAQ:IREN)’s stock price shot up 13.7% during mid-day trading on Monday . The company traded as high as $12.55 and last traded at $12.50. 6,549,530 shares changed hands during trading, a decline of 50% from the average session volume of 13,047,958 shares. The stock had previously closed at $10.99.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IREN. JPMorgan Chase & Co. reduced their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. Needham & Company LLC began coverage on shares of Iris Energy in a report on Wednesday, September 4th. They set a “hold” rating for the company. Canaccord Genuity Group restated a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a report on Thursday, August 29th. Roth Mkm assumed coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target on the stock. Finally, Compass Point reduced their price objective on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 30th. One equities 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. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $15.44.

Iris Energy Stock Performance

The firm has a fifty day simple moving average of $8.72 and a two-hundred day simple moving average of $9.08.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IREN. Bluefin Capital Management LLC purchased a new position in shares of Iris Energy in the 2nd quarter worth $113,000. AFG Fiduciary Services Limited Partnership bought a new position in shares of Iris Energy in the 3rd quarter valued at about $77,000. Covestor Ltd bought a new stake in Iris Energy during the third quarter worth approximately $87,000. Sippican Capital Advisors purchased a new stake in Iris Energy during the third quarter valued at approximately $94,000. Finally, Seven Eight Capital LP bought a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $146,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.