Traders Buy Large Volume of Call Options on Iris Energy (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) was the recipient of unusually large options trading on Wednesday. Stock investors acquired 53,815 call options on the company. This represents an increase of 16% compared to the typical volume of 46,263 call options.

Hedge Funds Weigh In On Iris Energy

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

Iris Energy Stock Down 12.3 %

Iris Energy stock traded down $1.52 during midday trading on Wednesday, hitting $10.88. The stock had a trading volume of 30,461,304 shares, compared to its average volume of 13,259,852. Iris Energy has a 12 month low of $2.79 and a 12 month high of $15.75. The business has a fifty day moving average price of $8.72 and a 200 day moving average price of $9.08.

Analyst Upgrades and Downgrades

Several brokerages have commented on IREN. Macquarie raised their price objective on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. Roth Mkm started coverage on Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 target price on shares of Iris Energy in a research note on Wednesday, October 30th. HC Wainwright cut their target price on Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Finally, Needham & Company LLC initiated coverage on Iris Energy in a research note on Wednesday, September 4th. They set a “hold” rating for the company. 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 company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $15.44.

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.