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

Iris Energy Limited (NASDAQ:IREN) shares 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 trading hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on IREN shares. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Canaccord Genuity Group raised their price target on Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. HC Wainwright upped their price objective on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, Roth Mkm initiated coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price for the company. Two investment analysts have 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 data from MarketBeat.com, Iris Energy has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Iris Energy Trading Down 1.2 %

The company has a fifty day moving average of $11.45 and a two-hundred day moving average of $10.19.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. MKP Capital Management L.L.C. purchased a new position in shares of Iris Energy during the 2nd quarter worth about $3,139,000. X Square Capital LLC bought a new stake in Iris Energy in the second quarter worth about $508,000. VitalStone Financial LLC boosted its position in shares of Iris Energy by 467.1% during the second quarter. VitalStone Financial LLC now owns 79,285 shares of the company’s stock valued at $895,000 after buying an additional 65,305 shares during the period. Central Asset Investments & Management Holdings HK Ltd bought a new position in shares of Iris Energy during the second quarter valued at approximately $779,000. Finally, Seven Eight Capital LP purchased a new stake in shares of Iris Energy in the second quarter worth approximately $146,000. Hedge funds and other 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.