Iris Energy (NASDAQ:IREN) Stock Price Up 9.7% – Here’s What Happened

Iris Energy Limited (NASDAQ:IREN)’s share price rose 9.7% on Friday . The stock traded as high as $8.61 and last traded at $8.60. Approximately 6,806,369 shares traded hands during trading, a decline of 46% from the average daily volume of 12,491,779 shares. The stock had previously closed at $7.84.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Sanford C. Bernstein began coverage on Iris Energy in a report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price target for the company. B. Riley reduced their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Roth Mkm initiated coverage on shares of Iris Energy in a research report on Wednesday. They set a “buy” rating and a $14.00 price target on the stock. JPMorgan Chase & Co. cut their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Finally, Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a research note on Tuesday. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $15.44.

Iris Energy Stock Performance

The business’s 50-day simple moving average is $8.00 and its two-hundred day simple moving average is $8.20.

Institutional Investors Weigh In On Iris Energy

Institutional investors have recently modified their holdings of the company. Quadrature Capital Ltd acquired a new position in shares of Iris Energy in the fourth quarter valued at approximately $1,655,000. CCG Wealth Management LLC purchased a new stake in shares of Iris Energy during the first quarter worth $72,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Iris Energy during the first quarter worth $502,000. Van ECK Associates Corp raised its stake in shares of Iris Energy by 23.7% in the first quarter. Van ECK Associates Corp now owns 1,837,683 shares of the company’s stock valued at $9,924,000 after acquiring an additional 351,774 shares in the last quarter. Finally, Daiwa Securities Group Inc. purchased a new position in Iris Energy in the first quarter valued at $446,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.