Iris Energy (NASDAQ:IREN) Shares Gap Up to $7.72

Iris Energy Limited (NASDAQ:IREN) gapped up prior to trading on Thursday . The stock had previously closed at $7.72, but opened at $8.20. Iris Energy shares last traded at $7.99, with a volume of 3,324,092 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Compass Point lowered their price objective 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. Needham & Company LLC started coverage on shares of Iris Energy in a research note on Wednesday, September 4th. They issued a “hold” rating for the company. Macquarie raised their price target on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th. HC Wainwright reduced their price objective on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Finally, Cantor Fitzgerald cut their target price on Iris Energy from $23.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, August 29th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Iris Energy presently has an average rating of “Moderate Buy” and a consensus price target of $15.63.

Iris Energy Stock Up 2.6 %

The company’s 50 day simple moving average is $8.64 and its 200-day simple moving average is $7.98.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in IREN. Bluefin Capital Management LLC purchased a new position in Iris Energy in the 2nd quarter worth $113,000. Seven Eight Capital LP bought a new stake in shares of Iris Energy in the 2nd quarter valued at about $146,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Iris Energy during the 2nd quarter valued at about $149,000. CCG Wealth Management LLC bought a new position in Iris Energy during the 1st quarter worth approximately $72,000. Finally, VitalStone Financial LLC grew its position in Iris Energy by 373.9% during the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock worth $71,000 after acquiring an additional 11,030 shares during the last quarter. 41.08% of the stock is 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.