Iris Energy (NASDAQ:IREN) Shares Gap Up to $7.42

Iris Energy Limited (NASDAQ:IREN) shares gapped up before the market opened on Thursday . The stock had previously closed at $7.42, but opened at $8.28. Iris Energy shares last traded at $8.45, with a volume of 9,659,855 shares.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their target price 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. Macquarie lifted their target price on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research note on Friday. Cantor Fitzgerald lowered their price target on shares of Iris Energy from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday. 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 research report on Friday. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $15.00 price target on shares of Iris Energy in a research report on Thursday. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $16.25.

Iris Energy Price Performance

The firm’s fifty day moving average is $10.17 and its 200-day moving average is $7.92.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Counterpoint Mutual Funds LLC purchased a new stake in Iris Energy in the 4th quarter valued at about $84,000. Seven Eight Capital LP purchased a new stake in Iris Energy in the 2nd quarter valued at about $146,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Iris Energy in the 2nd quarter valued at about $149,000. CCG Wealth Management LLC purchased a new stake in Iris Energy in the 1st quarter valued at about $72,000. Finally, VitalStone Financial LLC increased its stake in Iris Energy by 373.9% during the first quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after purchasing an additional 11,030 shares during the period. 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.