Iris Energy Target of Unusually Large Options Trading (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN - Get Free Report) was the target of some unusual options trading on Friday. Stock traders bought 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.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on IREN shares. JPMorgan Chase & Co. upgraded Iris Energy from a "neutral" rating to an "overweight" rating and decreased their price objective for the stock from $15.00 to $12.00 in a report on Thursday, March 13th. Macquarie lifted their price objective on Iris Energy from $15.50 to $20.00 and gave the company an "outperform" rating in a report on Thursday, May 15th. Cantor Fitzgerald restated an "overweight" rating and set a $23.00 price objective on shares of Iris Energy in a research report on Thursday, February 13th. B. Riley lifted their target price on Iris Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, HC Wainwright dropped their price objective on Iris Energy from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.30.

Iris Energy Trading Up 6.1%

Shares of IREN stock traded up $0.59 during mid-day trading on Monday, reaching $10.34. 19,259,173 shares of the company's stock traded hands, compared to its average volume of 16,161,443. Iris Energy has a 12 month low of $5.13 and a 12 month high of $15.92. The firm has a 50 day moving average price of $7.18 and a two-hundred day moving average price of $9.35.

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 the consensus estimate of $0.17 by ($0.06). The business had revenue of $148.10 million for the quarter, compared to analysts' expectations of $153.38 million. Iris Energy had a negative net margin of 17.94% and a negative return on equity of 3.98%. As a group, equities analysts predict that Iris Energy will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its position in Iris Energy by 1,307.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company's stock valued at $55,825,000 after buying an additional 5,280,999 shares during the period. Situational Awareness LP purchased a new stake in shares of Iris Energy in the 1st quarter valued at approximately $20,500,000. Vident Advisory LLC increased its stake in Iris Energy by 0.6% during the 1st quarter. Vident Advisory LLC now owns 2,956,712 shares of the company's stock worth $18,006,000 after buying an additional 18,794 shares during the period. Invesco Ltd. increased its stake in Iris Energy by 22.5% during the 4th quarter. Invesco Ltd. now owns 2,311,583 shares of the company's stock worth $22,700,000 after buying an additional 424,403 shares during the period. Finally, Regal Partners Ltd increased its position in shares of Iris Energy by 93.9% in the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company's stock valued at $16,670,000 after purchasing an additional 822,251 shares during the last quarter. Hedge funds and other institutional investors own 41.08% of the company's stock.

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.