Traders Buy High Volume of Call Options on Iris Energy (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) saw unusually large options trading activity on Thursday. Traders acquired 66,588 call options on the stock. This is an increase of approximately 70% compared to the typical volume of 39,178 call options.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. D1 Capital Partners L.P. bought a new position in Iris Energy during the 2nd quarter worth approximately $17,319,000. Hood River Capital Management LLC acquired a new stake in Iris Energy in the second quarter worth $13,618,000. Marshall Wace LLP boosted its position in shares of 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 in the last quarter. Bank of Montreal Can acquired a new position in shares of Iris Energy in the 2nd quarter valued at $9,969,000. Finally, Vident Advisory LLC increased its position in shares of Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after buying an additional 717,843 shares in the last quarter. Institutional investors own 41.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on IREN shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a research report on Thursday. Sanford C. Bernstein began coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They set an “outperform” rating and a $26.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a report on Friday, August 23rd. B. Riley dropped their target price on shares of Iris Energy from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Friday, July 12th. Finally, Cantor Fitzgerald decreased 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 note on Thursday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Iris Energy presently has a consensus rating of “Buy” and a consensus target price of $16.75.

Iris Energy Price Performance

IREN opened at $8.52 on Friday. The firm has a 50 day simple moving average of $10.28 and a 200 day simple moving average of $7.91. Iris Energy has a fifty-two week low of $2.79 and a fifty-two week high of $15.75.

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.