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

Iris Energy Limited (NASDAQ:IREN) was the target of some unusual options trading on Wednesday. Investors purchased 83,610 call options on the company. This represents an increase of 33% compared to the average volume of 62,638 call options.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on IREN shares. B. Riley lifted 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 report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price target for the company. Cantor Fitzgerald boosted their price objective on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Finally, Roth Capital raised Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.50.

Institutional Trading of Iris Energy

A number of institutional investors have recently made changes to their positions in IREN. Marshall Wace LLP raised its holdings in Iris Energy by 33.6% during the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after buying an additional 958,494 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Iris Energy by 56.1% during the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after acquiring an additional 576,726 shares during the last quarter. D1 Capital Partners L.P. purchased a new stake in shares of Iris Energy during the second quarter worth about $17,319,000. Hood River Capital Management LLC bought a new stake in shares of Iris Energy in the second quarter worth about $13,618,000. Finally, Bank of Montreal Can bought a new stake in shares of Iris Energy in the second quarter worth about $9,969,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Iris Energy Trading Up 5.3 %

IREN stock traded up $0.58 during trading on Wednesday, hitting $11.55. 12,203,846 shares of the company traded hands, compared to its average volume of 13,155,521. The company has a 50-day moving average of $11.70 and a 200-day moving average of $10.04. Iris Energy has a 1 year low of $3.56 and a 1 year high of $15.92.

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.