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

Iris Energy Limited (NASDAQ:IREN) saw unusually large options trading activity on Tuesday. Traders acquired 23,949 call options on the company. This represents an increase of 66% compared to the average daily volume of 14,386 call options.

Iris Energy Trading Up 0.5 %

IREN stock traded up $0.02 during mid-day trading on Tuesday, hitting $4.35. 4,730,758 shares of the company were exchanged, compared to its average volume of 9,269,382. The business has a fifty day simple moving average of $5.66 and a 200-day simple moving average of $4.93. Iris Energy has a 12-month low of $2.79 and a 12-month high of $9.69.

Iris Energy (NASDAQ:IREN) last announced its earnings results on Thursday, February 15th. The company reported ($0.07) earnings per share for the quarter. The business had revenue of $42.57 million for the quarter, compared to the consensus estimate of $37.58 million. On average, analysts predict that Iris Energy will post 0.08 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on IREN. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Iris Energy in a research report on Thursday, March 28th. Canaccord Genuity Group reiterated a “buy” rating and issued a $9.00 target price on shares of Iris Energy in a research report on Thursday, March 28th. B. Riley reduced their target price on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Iris Energy in a research report on Tuesday, April 2nd. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Iris Energy presently has an average rating of “Buy” and an average price target of $12.00.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. UBS Group AG boosted its stake in shares of Iris Energy by 25.7% in the first quarter. UBS Group AG now owns 15,957 shares of the company’s stock valued at $49,000 after purchasing an additional 3,259 shares during the period. Walleye Capital LLC boosted its stake in shares of Iris Energy by 23.2% in the third quarter. Walleye Capital LLC now owns 19,025 shares of the company’s stock valued at $71,000 after purchasing an additional 3,579 shares during the period. Advisory Services Network LLC boosted its stake in shares of Iris Energy by 54.7% in the fourth quarter. Advisory Services Network LLC now owns 16,550 shares of the company’s stock valued at $118,000 after purchasing an additional 5,850 shares during the period. BlackRock Inc. boosted its stake in shares of Iris Energy by 15.1% in the second quarter. BlackRock Inc. now owns 64,428 shares of the company’s stock valued at $300,000 after purchasing an additional 8,463 shares during the period. Finally, Two Sigma Securities LLC purchased a new position in shares of Iris Energy in the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.