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

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $10.88, but opened at $11.31. Iris Energy shares last traded at $10.65, with a volume of 2,805,621 shares traded.

Analyst Upgrades and Downgrades

IREN has been the subject of a number of analyst reports. HC Wainwright reduced their price objective on shares of Iris Energy from $15.00 to $13.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Macquarie raised their price objective on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a report on Friday, August 30th. Roth Mkm initiated coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective for the company. Needham & Company LLC initiated coverage on shares of Iris Energy in a report on Wednesday, September 4th. They set a “hold” rating for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $15.00 price objective on shares of Iris Energy in a report on Thursday, August 29th. One 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 stock. Based on data from MarketBeat.com, Iris Energy has an average rating of “Buy” and an average price target of $15.44.

Iris Energy Trading Down 5.1 %

The business’s fifty day simple moving average is $8.80 and its 200 day simple moving average is $9.09.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds have recently added to or reduced their stakes in IREN. D1 Capital Partners L.P. bought a new stake in Iris Energy during the 2nd quarter worth about $17,319,000. Hood River Capital Management LLC bought a new stake in Iris Energy during the 2nd quarter worth about $13,618,000. Marshall Wace LLP grew its holdings in Iris Energy by 33.6% during the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after acquiring an additional 958,494 shares during the last quarter. Bank of Montreal Can bought a new stake in Iris Energy during the 2nd quarter worth about $9,969,000. Finally, Vident Advisory LLC boosted its stake in shares of Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after purchasing an additional 717,843 shares during the last quarter. Institutional investors own 41.08% of the company’s stock.

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.