Iris Energy (NASDAQ:IREN) Shares Gap Up – Here’s Why

Shares of Iris Energy Limited (NASDAQ:IREN) gapped up before the market opened on Tuesday . The stock had previously closed at $11.25, but opened at $11.88. Iris Energy shares last traded at $11.66, with a volume of 2,923,267 shares changing hands.

Wall Street Analyst Weigh In

IREN has been the topic of a number of recent analyst reports. Compass Point lowered their price target on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a report on Friday, August 30th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Roth Capital raised Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Wednesday, November 27th. Finally, HC Wainwright raised their target price on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Stock Up 4.4 %

The stock’s fifty day moving average price is $11.23 and its two-hundred day moving average price is $10.25.

Institutional Trading of Iris Energy

Several institutional investors have recently added to or reduced their stakes in IREN. Geode Capital Management LLC increased its holdings in shares of Iris Energy by 56.3% in the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after buying an additional 264,883 shares during the period. Sender Co & Partners Inc. purchased a new position in Iris Energy in the 3rd quarter worth approximately $561,000. Continuum Advisory LLC bought a new stake in Iris Energy in the third quarter valued at approximately $430,000. Y Intercept Hong Kong Ltd lifted its position in 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. Finally, Main Management ETF Advisors LLC bought a new position in shares of Iris Energy in the third quarter worth approximately $760,000. 41.08% of the stock is currently owned by hedge funds and other 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.