Iris Energy (NASDAQ:IREN) Shares Gap Up – What’s Next?

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $10.88, but opened at $11.31. Iris Energy shares last traded at $10.65, with a volume of 2,805,621 shares traded.

Analyst Ratings Changes

A number of analysts have recently weighed in on IREN shares. JPMorgan Chase & Co. reduced their price target on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. Canaccord Genuity Group reissued a “buy” rating and set a $15.00 target price on shares of Iris Energy in a research note on Thursday, August 29th. Roth Mkm started coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price for the company. Macquarie upped their price target on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Iris Energy currently has a consensus rating of “Buy” and a consensus target price of $15.44.

Iris Energy Stock Performance

The company’s 50 day moving average price is $8.80 and its 200 day moving average price is $9.09.

Institutional Trading of Iris Energy

Several large investors have recently modified their holdings of the company. D1 Capital Partners L.P. bought a new stake in Iris Energy in the 2nd quarter valued at $17,319,000. Hood River Capital Management LLC bought a new stake in Iris Energy in the 2nd quarter valued at $13,618,000. Marshall Wace LLP boosted its holdings in Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares during the period. Bank of Montreal Can bought a new stake in Iris Energy in the 2nd quarter valued at $9,969,000. Finally, Vident Advisory LLC boosted its holdings in Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after purchasing an additional 717,843 shares during the period. 41.08% of the stock is 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.