Iris Energy (NASDAQ:IREN) Trading 7.9% Higher – Should You Buy?

Iris Energy Limited (NASDAQ:IREN) rose 7.9% on Friday . The stock traded as high as $10.55 and last traded at $10.49. Approximately 6,238,653 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 13,309,292 shares. The stock had previously closed at $9.72.

Analyst Ratings Changes

IREN has been the subject of a number of research reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $15.00 target price on shares of Iris Energy in a report on Thursday, August 29th. B. Riley reduced their price target on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $20.00 target price on shares of Iris Energy in a research note on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. Finally, Macquarie upped their target price on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Iris Energy presently has an average rating of “Buy” and an average price target of $15.44.

Iris Energy Price Performance

The stock’s 50 day moving average is $9.17 and its two-hundred day moving average is $9.29.

Hedge Funds Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Truist Financial Corp boosted its stake in Iris Energy by 3.2% in the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after acquiring an additional 1,575 shares during the last quarter. Chesapeake Capital Corp IL boosted its position in Iris Energy by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock valued at $157,000 after buying an additional 3,861 shares during the period. Chicago Partners Investment Group LLC boosted its position in Iris Energy by 13.2% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock valued at $473,000 after buying an additional 6,347 shares during the period. Wellington Management Group LLP lifted its position in shares of Iris Energy by 28.3% in the 3rd quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock worth $309,000 after purchasing an additional 8,092 shares during the period. Finally, Bluefin Capital Management LLC bought a new position in shares of Iris Energy in the 2nd quarter worth about $113,000. 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.