Iris Energy (NASDAQ:IREN) Trading 5.2% Higher – Here’s Why

Iris Energy Limited (NASDAQ:IREN)’s share price traded up 5.2% during trading on Friday . The company traded as high as $7.75 and last traded at $7.71. 2,167,406 shares changed hands during trading, a decline of 83% from the average session volume of 12,461,209 shares. The stock had previously closed at $7.33.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. lowered their target price on 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 boosted their target price on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. B. Riley lowered their target price on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Sanford C. Bernstein assumed coverage on Iris Energy in a research note on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 target price on the stock. Finally, HC Wainwright lowered their target price on Iris Energy from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $15.44.

Iris Energy Price Performance

The company has a 50-day moving average price of $7.82 and a two-hundred day moving average price of $8.33.

Hedge Funds Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Truist Financial Corp grew its position in Iris Energy by 3.2% during the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after buying an additional 1,575 shares in the last quarter. Bluefin Capital Management LLC purchased a new position in Iris Energy during the second quarter worth about $113,000. VitalStone Financial LLC grew its position 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 buying an additional 11,030 shares in the last quarter. Seven Eight Capital LP purchased a new position in Iris Energy during the second quarter worth about $146,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Iris Energy during the second quarter worth about $149,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

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.