Traders Buy Large Volume of Call Options on Iris Energy (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) saw unusually large options trading activity on Wednesday. Traders acquired 53,815 call options on the stock. This represents an increase of 16% compared to the average volume of 46,263 call options.

Iris Energy Stock Down 12.3 %

IREN stock traded down $1.52 on Wednesday, hitting $10.88. 30,461,304 shares of the company’s stock were exchanged, compared to its average volume of 13,259,852. Iris Energy has a 12-month low of $2.79 and a 12-month high of $15.75. The firm has a 50 day moving average price of $8.72 and a two-hundred day moving average price of $9.08.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price target on shares of Iris Energy in a research note on Wednesday, October 30th. Macquarie boosted their target price on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Finally, Needham & Company LLC began coverage on shares of Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating for the company. One investment 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 stock. According to data from MarketBeat.com, Iris Energy presently has an average rating of “Buy” and a consensus price target of $15.44.

Hedge Funds Weigh In On Iris Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. AFG Fiduciary Services Limited Partnership purchased a new position in shares of Iris Energy in the 3rd quarter valued at about $77,000. Covestor Ltd acquired a new position in Iris Energy in the third quarter valued at approximately $87,000. Sippican Capital Advisors acquired a new position in Iris Energy in the third quarter valued at approximately $94,000. Bluefin Capital Management LLC acquired a new position in Iris Energy in the second quarter valued at approximately $113,000. Finally, PEAK6 Investments LLC acquired a new position in Iris Energy during the first quarter worth $133,000. Institutional investors and hedge funds 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.