Iris Energy Target of Unusually High Options Trading (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) was the target of some unusual options trading on Wednesday. Stock traders acquired 83,610 call options on the stock. This represents an increase of approximately 33% compared to the average volume of 62,638 call options.

Iris Energy Stock Up 5.3 %

NASDAQ:IREN opened at $11.55 on Thursday. Iris Energy has a twelve month low of $3.56 and a twelve month high of $15.92. The stock’s 50 day moving average price is $11.71 and its two-hundred day moving average price is $10.05.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Central Asset Investments & Management Holdings HK Ltd acquired a new position in shares of Iris Energy during the 2nd quarter worth approximately $779,000. Main Management ETF Advisors LLC acquired a new position in shares of Iris Energy during the 3rd quarter worth approximately $760,000. Van ECK Associates Corp increased its holdings in shares of Iris Energy by 56.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after acquiring an additional 576,726 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in shares of Iris Energy by 123.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after acquiring an additional 27,212 shares during the last quarter. Finally, Creative Planning increased its holdings in shares of Iris Energy by 71.2% during the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after acquiring an additional 190,300 shares during the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IREN. Canaccord Genuity Group lifted their price objective on Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. BTIG Research began coverage on Iris Energy in a report on Friday, December 20th. They set a “buy” rating and a $33.00 price objective on the stock. Roth Capital upgraded Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. B. Riley lifted their target price on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Roth Mkm assumed coverage on Iris Energy in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.50.

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.