Iris Energy Sees Unusually Large Options Volume (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) was the target of some unusual options trading activity on Wednesday. Stock traders bought 53,815 call options on the stock. This is an increase of 16% compared to the average volume of 46,263 call options.

Iris Energy Trading Down 5.1 %

Shares of NASDAQ:IREN opened at $10.33 on Friday. Iris Energy has a 12 month low of $2.79 and a 12 month high of $15.75. The firm’s 50-day moving average is $8.87 and its 200 day moving average is $9.10.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new stake in shares of Iris Energy in the first quarter valued at about $893,000. Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Iris Energy in the 2nd quarter valued at about $779,000. Van ECK Associates Corp lifted its position in shares of Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after purchasing an additional 576,726 shares during the period. Vontobel Holding Ltd. boosted its stake in shares of Iris Energy by 123.1% during the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock valued at $416,000 after purchasing an additional 27,212 shares in the last quarter. Finally, Creative Planning increased its holdings in Iris Energy by 71.2% during the third quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after buying an additional 190,300 shares during the period. Institutional investors own 41.08% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IREN shares. Needham & Company LLC initiated coverage on shares of Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating on the stock. Compass Point decreased their price objective on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Roth Capital raised Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 target price on shares of Iris Energy in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Iris Energy currently has an average rating of “Buy” and a consensus price target of $15.44.

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.