Traders Purchase Large Volume of Call Options on Iris Energy (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) was the target of unusually large options trading on Thursday. Stock investors purchased 162,296 call options on the stock. This is an increase of 235% compared to the typical daily volume of 48,411 call options.

Iris Energy Stock Up 29.7 %

IREN opened at $12.40 on Friday. The stock’s 50 day moving average price is $9.42 and its 200-day moving average price is $9.48. Iris Energy has a one year low of $3.56 and a one year high of $15.75.

Hedge Funds Weigh In On Iris Energy

Several hedge funds have recently bought and sold shares of the business. PEAK6 Investments LLC bought a new stake in shares of Iris Energy during the first quarter worth $133,000. Goldentree Asset Management LP purchased a new stake in Iris Energy in the 1st quarter valued at about $626,000. Cambridge Investment Research Advisors Inc. grew its stake in Iris Energy by 1,521.1% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock worth $2,123,000 after acquiring an additional 176,451 shares in the last quarter. MKP Capital Management L.L.C. purchased a new position in shares of Iris Energy during the second quarter worth approximately $3,139,000. Finally, X Square Capital LLC bought a new stake in shares of Iris Energy during the second quarter valued at approximately $508,000. Institutional investors own 41.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on IREN shares. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Wednesday. Macquarie lifted their price objective on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Cantor Fitzgerald boosted their target price on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday. HC Wainwright increased their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Roth Capital raised Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $16.33.

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.