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

Iris Energy Limited (NASDAQ:IRENGet Free Report)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $10.10, but opened at $10.62. Iris Energy shares last traded at $10.17, with a volume of 2,829,934 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IREN. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price target on shares of Iris Energy in a research report on Wednesday, October 30th. Macquarie boosted their price objective on Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Compass Point cut their price objective on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 30th. B. Riley cut their price objective 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. Finally, JPMorgan Chase & Co. cut their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research report on Friday, August 23rd. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $15.44.

Check Out Our Latest Report on Iris Energy

Iris Energy Stock Performance

The firm has a 50 day moving average of $9.17 and a 200-day moving average of $9.29.

Hedge Funds Weigh In On Iris Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Iris Energy by 56.3% in the 3rd 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 during the period. Sender Co & Partners Inc. bought a new stake in shares of Iris Energy in the 3rd quarter valued at approximately $561,000. Continuum Advisory LLC bought a new stake in shares of Iris Energy in the 3rd quarter valued at approximately $430,000. Y Intercept Hong Kong Ltd grew its stake in shares of Iris Energy by 592.2% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock valued at $1,745,000 after purchasing an additional 176,843 shares during the period. Finally, Main Management ETF Advisors LLC bought a new stake in shares of Iris Energy in the 3rd quarter valued at approximately $760,000. 41.08% of the stock is currently owned by institutional investors.

About Iris Energy

(Get Free Report)

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

Further Reading

Receive News & Ratings for Iris Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iris Energy and related companies with MarketBeat.com's FREE daily email newsletter.