Iris Energy (NASDAQ:IREN) Shares Gap Up – What’s Next?

Iris Energy Limited (NASDAQ:IREN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $10.46, but opened at $11.15. Iris Energy shares last traded at $11.22, with a volume of 1,799,005 shares.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IREN. Cantor Fitzgerald upped their price target on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. B. Riley upped their price objective on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. HC Wainwright increased their price target on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Macquarie increased their price objective on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Roth Mkm assumed coverage on Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target for the company. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Price Performance

The firm’s 50 day moving average price is $11.62 and its 200-day moving average price is $10.05.

Institutional Investors Weigh In On Iris Energy

Institutional investors have recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC bought a new position in Iris Energy during the fourth quarter worth about $282,000. Geode Capital Management LLC boosted its stake in shares of Iris Energy by 56.3% during the third quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after purchasing an additional 264,883 shares in the last quarter. Sender Co & Partners Inc. acquired a new position in shares of Iris Energy during the third quarter worth $561,000. Continuum Advisory LLC acquired a new stake in shares of Iris Energy in the third quarter valued at about $430,000. Finally, Y Intercept Hong Kong Ltd raised its holdings in Iris Energy by 592.2% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock worth $1,745,000 after purchasing an additional 176,843 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.