Iris Energy (NASDAQ:IREN) Shares Up 7.9% – What’s Next?

Iris Energy Limited (NASDAQ:IREN)’s share price traded up 7.9% during trading on Friday . The company traded as high as $10.55 and last traded at $10.49. 6,238,653 shares were traded during mid-day trading, a decline of 53% from the average session volume of 13,309,292 shares. The stock had previously closed at $9.72.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on IREN shares. Roth Mkm started coverage on Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 target price on shares of Iris Energy in a research report on Wednesday, October 30th. Roth Capital upgraded shares of Iris Energy to a “strong-buy” rating in a research report on Tuesday, October 1st. Finally, B. Riley lowered their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, September 13th. One research 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’s stock. According to data from MarketBeat, Iris Energy has an average rating of “Buy” and an average price target of $15.44.

Iris Energy Stock Performance

The business’s 50-day moving average is $9.24 and its two-hundred day moving average is $9.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. purchased a new position in Iris Energy during the first quarter worth approximately $893,000. PEAK6 Investments LLC acquired a new position in shares of Iris Energy during the 1st quarter valued at about $133,000. Goldentree Asset Management LP acquired a new position in shares of Iris Energy during the 1st quarter valued at about $626,000. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Iris Energy by 1,521.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 188,051 shares of the company’s stock valued at $2,123,000 after purchasing an additional 176,451 shares during the period. Finally, MKP Capital Management L.L.C. acquired a new stake in Iris Energy during the second quarter worth about $3,139,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.