Iris Energy (NASDAQ:IREN) Shares Gap Up – Still a Buy?

Iris Energy Limited (NASDAQ:IREN) shares gapped up before the market opened 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.

Wall Street Analyst Weigh In

IREN has been the topic of a number of recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price objective on shares of Iris Energy in a report on Wednesday, October 30th. Macquarie boosted their price target on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Compass Point decreased their price objective on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. Canaccord Genuity Group reiterated a “buy” rating and set a $15.00 target price on shares of Iris Energy in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. decreased their price target on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. 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 stock. According to MarketBeat, Iris Energy currently has an average rating of “Buy” and a consensus target price of $15.44.

Iris Energy Stock Performance

The company has a 50 day moving average price of $8.96 and a 200 day moving average price of $9.14.

Hedge Funds Weigh In On Iris Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sender Co & Partners Inc. acquired a new stake in shares of Iris Energy during the 3rd quarter worth about $561,000. Continuum Advisory LLC bought a new stake in shares of Iris Energy during the third quarter worth approximately $430,000. Y Intercept Hong Kong Ltd grew its position in shares of Iris Energy by 592.2% in the third quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock valued at $1,745,000 after purchasing an additional 176,843 shares during the last quarter. Main Management ETF Advisors LLC bought a new position in shares of Iris Energy during the third quarter worth approximately $760,000. Finally, Kovitz Investment Group Partners LLC acquired a new stake in Iris Energy during the 3rd quarter worth approximately $927,000. 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.