Iris Energy Sees Unusually Large Options Volume (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) saw some unusual options trading activity on Tuesday. Stock traders purchased 23,949 call options on the company. This represents an increase of approximately 66% compared to the typical daily volume of 14,386 call options.

Iris Energy Trading Up 3.4 %

IREN stock opened at $4.50 on Thursday. The business has a 50-day simple moving average of $5.68 and a two-hundred day simple moving average of $4.94. Iris Energy has a 52-week low of $2.79 and a 52-week high of $9.69.

Iris Energy (NASDAQ:IREN) last posted its earnings results on Thursday, February 15th. The company reported ($0.07) earnings per share for the quarter. The firm had revenue of $42.57 million during the quarter, compared to the consensus estimate of $37.58 million. On average, equities research analysts anticipate that Iris Energy will post 0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently bought and sold shares of IREN. Van ECK Associates Corp lifted its position in shares of Iris Energy by 32.9% during the fourth quarter. Van ECK Associates Corp now owns 1,485,909 shares of the company’s stock valued at $10,624,000 after purchasing an additional 368,140 shares in the last quarter. Regal Partners Ltd lifted its position in shares of Iris Energy by 19.8% during the 2nd quarter. Regal Partners Ltd now owns 1,420,633 shares of the company’s stock worth $6,620,000 after buying an additional 235,027 shares in the last quarter. Vident Advisory LLC lifted its position in shares of Iris Energy by 110.5% during the 4th quarter. Vident Advisory LLC now owns 1,237,155 shares of the company’s stock worth $8,846,000 after buying an additional 649,411 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Iris Energy by 52.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after buying an additional 356,752 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Iris Energy by 2.3% in the first quarter. Goldman Sachs Group Inc. now owns 652,265 shares of the company’s stock valued at $10,221,000 after acquiring an additional 14,735 shares in the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IREN. B. Riley decreased their price target on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a research note on Friday, March 15th. HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Iris Energy in a report on Tuesday, April 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Iris Energy in a research note on Thursday, March 28th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $9.00 target price on shares of Iris Energy in a research report on Thursday, March 28th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Iris Energy currently has a consensus rating of “Buy” and an average price target of $12.00.

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.