Iris Energy (NASDAQ:IREN) Trading Up 13.7% – What’s Next?

Iris Energy Limited (NASDAQ:IREN) rose 13.7% during trading on Monday . The stock traded as high as $12.55 and last traded at $12.50. Approximately 6,549,530 shares traded hands during trading, a decline of 50% from the average daily volume of 13,047,958 shares. The stock had previously closed at $10.99.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on IREN. Macquarie increased their target price on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price objective on shares of Iris Energy in a research report on Wednesday, October 30th. Canaccord Genuity Group restated a “buy” rating and set a $15.00 target price on shares of Iris Energy in a research report on Thursday, August 29th. Needham & Company LLC started coverage on Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating on the stock. Finally, Compass Point dropped their price objective on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $15.44.

Iris Energy Stock Performance

The business has a 50-day moving average price of $8.72 and a 200-day moving average price of $9.08.

Hedge Funds Weigh In On Iris Energy

A number of large investors have recently bought and sold shares of IREN. Bluefin Capital Management LLC purchased a new position in shares of Iris Energy in the 2nd quarter valued at $113,000. AFG Fiduciary Services Limited Partnership bought a new stake in Iris Energy during the third quarter valued at about $77,000. Covestor Ltd purchased a new position in Iris Energy in the third quarter valued at about $87,000. Sippican Capital Advisors bought a new position in Iris Energy in the third quarter worth about $94,000. Finally, Seven Eight Capital LP bought a new position in Iris Energy in the second quarter worth about $146,000. Institutional investors 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.