Iris Energy (NASDAQ:IREN) Trading 9.2% Higher – Should You Buy?

Iris Energy Limited (NASDAQ:IREN)’s share price traded up 9.2% during trading on Thursday . The stock traded as high as $11.02 and last traded at $10.72. 3,632,975 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 13,736,254 shares. The stock had previously closed at $9.82.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IREN. BTIG Research initiated coverage on Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 target price on the stock. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. B. Riley upped their target price on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. 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 price target for the company. Finally, Macquarie increased their price objective on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Stock Performance

The business has a 50 day moving average of $11.45 and a two-hundred day moving average of $10.19.

Institutional Trading of Iris Energy

A number of institutional investors have recently modified their holdings of the company. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in Iris Energy during the second quarter valued at approximately $779,000. Main Management ETF Advisors LLC purchased a new stake in shares of Iris Energy during the 3rd quarter valued at $760,000. Van ECK Associates Corp boosted its position in shares of Iris Energy by 56.1% in 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 in the last quarter. Vontobel Holding Ltd. grew its stake in Iris Energy by 123.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after buying an additional 27,212 shares during the last quarter. Finally, Creative Planning increased its position in Iris Energy by 71.2% during 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 in the last quarter. 41.08% of the stock is currently owned by institutional investors.

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.