Iris Energy (NASDAQ:IREN) Shares Gap Up – Here’s What Happened

Shares of Iris Energy Limited (NASDAQ:IREN) gapped up before the market opened on Wednesday . The stock had previously closed at $8.94, but opened at $9.99. Iris Energy shares last traded at $10.11, with a volume of 2,473,203 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a report on Tuesday, October 1st. Sanford C. Bernstein initiated coverage on shares of Iris Energy in a research note on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 price target on shares of Iris Energy in a report on Wednesday, October 30th. Macquarie increased their price objective on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $15.00 target price on shares of Iris Energy in a research note on Thursday, August 29th. One research analyst has 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $15.44.

Iris Energy Stock Up 23.5 %

The business has a fifty day moving average price of $8.32 and a two-hundred day moving average price of $8.85.

Hedge Funds Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently bought and sold shares of IREN. VitalStone Financial LLC boosted its holdings in shares of Iris Energy by 373.9% in the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after acquiring an additional 11,030 shares during the last quarter. AFG Fiduciary Services Limited Partnership acquired a new stake in Iris Energy during the 3rd quarter worth about $77,000. Covestor Ltd purchased a new position in shares of Iris Energy during the 3rd quarter valued at about $87,000. Sippican Capital Advisors purchased a new position in shares of Iris Energy during the 3rd quarter valued at about $94,000. Finally, Bluefin Capital Management LLC acquired a new position in shares of Iris Energy in the 2nd quarter valued at about $113,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

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.