Investors Buy High Volume of Iris Energy Call Options (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN - Get Free Report) saw some unusual options trading on Friday. Stock traders purchased 102,248 call options on the company. This represents an increase of approximately 59% compared to the average daily volume of 64,117 call options.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IREN. Stonebridge Financial Group LLC bought a new position in Iris Energy during the fourth quarter valued at about $29,000. HM Payson & Co. acquired a new stake in shares of Iris Energy during the 4th quarter worth approximately $30,000. Crewe Advisors LLC bought a new stake in shares of Iris Energy during the first quarter valued at approximately $39,000. Quarry LP acquired a new position in shares of Iris Energy in the first quarter valued at $40,000. Finally, Main Management LLC acquired a new position in shares of Iris Energy in the fourth quarter valued at $49,000. Institutional investors and hedge funds own 41.08% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on IREN shares. Macquarie raised their price objective on Iris Energy from $15.50 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Canaccord Genuity Group restated a "buy" rating and set a $23.00 price target on shares of Iris Energy in a report on Friday, May 16th. JPMorgan Chase & Co. upgraded shares of Iris Energy from a "neutral" rating to an "overweight" rating and dropped their price objective for the company from $15.00 to $12.00 in a research note on Thursday, March 13th. Cantor Fitzgerald reissued an "overweight" rating and set a $23.00 target price on shares of Iris Energy in a research note on Thursday, February 13th. Finally, HC Wainwright reduced their target price on shares of Iris Energy from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $20.30.

Iris Energy Stock Performance

NASDAQ IREN traded up $0.78 during trading on Friday, hitting $9.73. The company's stock had a trading volume of 22,869,508 shares, compared to its average volume of 16,196,553. Iris Energy has a 52 week low of $5.13 and a 52 week high of $15.92. The firm has a 50 day moving average price of $7.05 and a 200 day moving average price of $9.37.

Iris Energy (NASDAQ:IREN - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.06). Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. The company had revenue of $148.10 million for the quarter, compared to the consensus estimate of $153.38 million. On average, equities analysts expect that Iris Energy will post 0.43 EPS for the current year.

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.

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