Iris Energy (NASDAQ:IREN) Shares Gap Up – Should You Buy?

Shares of Iris Energy Limited (NASDAQ:IREN) gapped up prior to trading on Tuesday . The stock had previously closed at $11.25, but opened at $11.88. Iris Energy shares last traded at $11.66, with a volume of 2,923,267 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IREN. Cantor Fitzgerald boosted their target price on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. BTIG Research assumed coverage on Iris Energy in a research note on Friday, December 20th. They issued a “buy” rating and a $33.00 target price for the company. JPMorgan Chase & Co. reissued a “neutral” rating and set a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. HC Wainwright raised their price objective on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Roth Mkm began coverage on shares of Iris Energy in a 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 assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $19.50.

Iris Energy Price Performance

The company’s fifty day moving average is $11.34 and its two-hundred day moving average is $10.27.

Institutional Investors Weigh In On Iris Energy

A number of institutional investors have recently modified their holdings of the company. D1 Capital Partners L.P. acquired a new position in Iris Energy in the 2nd quarter valued at about $17,319,000. Hood River Capital Management LLC purchased a new position in shares of Iris Energy in the second quarter valued at approximately $13,618,000. Marshall Wace LLP grew its holdings in shares of Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock valued at $43,035,000 after purchasing an additional 958,494 shares in the last quarter. Bank of Montreal Can purchased a new stake in Iris Energy during the 2nd quarter worth approximately $9,969,000. Finally, Van ECK Associates Corp lifted its holdings in 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 buying an additional 576,726 shares in the last quarter. 41.08% of the stock is owned by institutional investors and hedge funds.

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.