Iris Energy (NASDAQ:IREN) Shares Gap Up – Still a Buy?

Shares of Iris Energy Limited (NASDAQ:IRENGet Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $13.36, but opened at $13.86. Iris Energy shares last traded at $13.44, with a volume of 1,297,768 shares.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on IREN shares. Cantor Fitzgerald boosted their price target on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Compass Point dropped their target price on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Roth Mkm started coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price target for the company. Canaccord Genuity Group raised their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.56.

Read Our Latest Analysis on IREN

Iris Energy Stock Performance

The company’s fifty day moving average is $10.38 and its 200-day moving average is $9.97.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bluefin Capital Management LLC bought a new position in shares of Iris Energy during the 2nd quarter worth about $113,000. AFG Fiduciary Services Limited Partnership bought a new stake in Iris Energy in the third quarter valued at about $77,000. Covestor Ltd bought a new position in Iris Energy during the third quarter worth about $87,000. Sippican Capital Advisors acquired a new stake in Iris Energy during the third quarter valued at approximately $94,000. Finally, Seven Eight Capital LP bought a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $146,000. 41.08% of the stock is owned by institutional investors and hedge funds.

About Iris Energy

(Get Free Report)

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.

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