Iris Energy Target of Unusually Large Options Trading (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) saw unusually large options trading activity on Friday. Stock traders bought 42,291 call options on the stock. This represents an increase of approximately 59% compared to the average daily volume of 26,567 call options.

Iris Energy Price Performance

IREN opened at $13.28 on Friday. The company’s 50 day simple moving average is $7.57 and its 200 day simple moving average is $6.35. Iris Energy has a 1 year low of $2.79 and a 1 year high of $14.95.

Iris Energy (NASDAQ:IREN) last released its earnings results on Wednesday, May 15th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.04). The company had revenue of $54.35 million for the quarter, compared to analyst estimates of $58.41 million. As a group, sell-side analysts anticipate that Iris Energy will post 0.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on IREN. HC Wainwright restated a “buy” rating and issued a $10.00 target price on shares of Iris Energy in a research note on Thursday, May 16th. JPMorgan Chase & Co. increased their price target on shares of Iris Energy from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Cantor Fitzgerald upgraded shares of Iris Energy to a “strong-buy” rating in a report on Wednesday, June 12th. Canaccord Genuity Group increased their price target on shares of Iris Energy from $9.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Finally, B. Riley cut their price target on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a report on Friday, March 15th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $14.92.

Institutional Investors Weigh In On Iris Energy

Hedge funds have recently modified their holdings of the stock. Vident Advisory LLC lifted its position in Iris Energy by 58.0% during the first quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after buying an additional 717,843 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Iris Energy by 32.9% during the fourth quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock valued at $10,624,000 after purchasing an additional 368,140 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Iris Energy by 52.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock valued at $7,418,000 after purchasing an additional 356,752 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Iris Energy during the fourth quarter valued at approximately $1,655,000. Finally, Exchange Traded Concepts LLC increased its stake in shares of Iris Energy by 47.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock worth $4,389,000 after buying an additional 196,635 shares during the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.