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

Iris Energy Limited (NASDAQ:IREN) was the target of some unusual options trading on Thursday. Stock investors acquired 92,394 call options on the company. This represents an increase of approximately 60% compared to the average volume of 57,695 call options.

Institutional Trading of Iris Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Truist Financial Corp increased its position in shares of Iris Energy by 3.2% in the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after purchasing an additional 1,575 shares during the last quarter. Chesapeake Capital Corp IL grew its position in Iris Energy by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company’s stock worth $157,000 after acquiring an additional 3,861 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in Iris Energy by 13.2% in the third quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company’s stock valued at $473,000 after acquiring an additional 6,347 shares during the last quarter. Wellington Management Group LLP raised its position in Iris Energy by 28.3% during the third quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock valued at $309,000 after purchasing an additional 8,092 shares in the last quarter. Finally, Bluefin Capital Management LLC purchased a new position in shares of Iris Energy in the 2nd quarter worth about $113,000. 41.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. reissued a “neutral” rating and set a $15.00 price objective (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. HC Wainwright lifted their target price on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Macquarie upped their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald boosted their target price on Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Finally, B. Riley lifted their price objective on shares of Iris Energy from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating, eight have issued 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 “Moderate Buy” and an average target price of $18.00.

Iris Energy Price Performance

Shares of Iris Energy stock traded down $0.50 on Thursday, reaching $11.63. 11,293,708 shares of the company’s stock were exchanged, compared to its average volume of 13,807,640. The firm’s 50-day moving average is $10.92 and its two-hundred day moving average is $10.18. Iris Energy has a 52 week low of $3.56 and a 52 week high of $15.92.

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.