Iris Energy (NASDAQ:IREN) Shares Gap Up – Here’s Why

Shares of Iris Energy Limited (NASDAQ:IREN) gapped up before the market opened on Tuesday . The stock had previously closed at $9.94, but opened at $10.18. Iris Energy shares last traded at $10.01, with a volume of 2,106,716 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. BTIG Research began coverage on shares of Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. HC Wainwright increased their price objective on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Canaccord Genuity Group boosted their target price on Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Cantor Fitzgerald lifted their price target on Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Finally, Roth Mkm began coverage on Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Price Performance

The firm has a 50-day simple moving average of $11.42 and a two-hundred day simple moving average of $10.22.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP boosted its position in Iris Energy by 33.6% during the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after purchasing an additional 958,494 shares during the period. Van ECK Associates Corp grew its stake in Iris Energy by 56.1% in the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after buying an additional 576,726 shares during the last quarter. D1 Capital Partners L.P. bought a new position in Iris Energy in the 2nd quarter worth $17,319,000. Hood River Capital Management LLC acquired a new position in Iris Energy during the 2nd quarter worth $13,618,000. Finally, Bank of Montreal Can bought a new stake in Iris Energy during the 2nd quarter valued at approximately $9,969,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.