Iris Energy (NASDAQ:IREN) Shares Gap Up – Time to Buy?

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $10.88, but opened at $11.31. Iris Energy shares last traded at $10.65, with a volume of 2,805,621 shares.

Analysts Set New Price Targets

IREN has been the subject of a number of recent research reports. Needham & Company LLC started coverage on shares of Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating for the company. Compass Point cut their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. JPMorgan Chase & Co. lowered their price objective 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 upped their target price on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, B. Riley decreased their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. One 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $15.44.

Iris Energy Trading Up 3.3 %

The firm has a 50-day moving average of $8.96 and a two-hundred day moving average of $9.14.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new stake in Iris Energy in the first quarter valued at approximately $893,000. Central Asset Investments & Management Holdings HK Ltd bought a new stake in Iris Energy during the 2nd quarter worth $779,000. Van ECK Associates Corp increased its holdings 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 worth $13,938,000 after purchasing an additional 576,726 shares in the last quarter. Vontobel Holding Ltd. raised its position in Iris Energy by 123.1% in the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock valued at $416,000 after purchasing an additional 27,212 shares during the last quarter. Finally, Creative Planning boosted its stake in shares of Iris Energy by 71.2% during the third quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after purchasing an additional 190,300 shares in the last quarter. Institutional investors 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.