Iris Energy (NASDAQ:IREN) Shares Up 9.2% – Time to Buy?

Iris Energy Limited (NASDAQ:IREN)’s stock price rose 9.2% during mid-day trading on Thursday . The company traded as high as $11.02 and last traded at $10.72. Approximately 3,632,975 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 13,736,254 shares. The stock had previously closed at $9.82.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IREN. HC Wainwright lifted their target price on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Roth Mkm initiated coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price objective on the stock. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Canaccord Genuity Group raised their price target on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a research note on Tuesday, December 10th. Two research 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Iris Energy Trading Up 8.4 %

The firm has a 50-day simple moving average of $11.52 and a 200-day simple moving average of $10.17.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently modified their holdings of IREN. AFG Fiduciary Services Limited Partnership bought a new position in shares of Iris Energy in the third quarter valued at approximately $77,000. Covestor Ltd purchased a new stake in Iris Energy in the 3rd quarter worth approximately $87,000. Sippican Capital Advisors bought a new position in Iris Energy in the 3rd quarter valued at $94,000. Bluefin Capital Management LLC purchased a new position in shares of Iris Energy during the 2nd quarter valued at $113,000. Finally, Seven Eight Capital LP bought a new position in shares of Iris Energy in the second quarter worth $146,000. 41.08% of the stock is currently 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.