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

Iris Energy Limited (NASDAQ:IREN - Get Free Report) was the target of unusually large options trading activity on Monday. Investors purchased 17,245 call options on the company. This represents an increase of 41% compared to the typical daily volume of 12,272 call options.

Iris Energy Trading Up 19.8 %

Shares of NASDAQ:IREN traded up $1.07 during midday trading on Monday, hitting $6.47. 23,179,244 shares of the stock were exchanged, compared to its average volume of 9,086,555. Iris Energy has a twelve month low of $2.70 and a twelve month high of $9.69. The company has a 50 day moving average price of $5.38 and a 200-day moving average price of $4.84.

Iris Energy (NASDAQ:IREN - Get Free Report) last announced its earnings results on Thursday, February 15th. The company reported ($0.07) earnings per share for the quarter. The company had revenue of $42.57 million for the quarter, compared to analysts' expectations of $37.58 million. On average, equities research analysts expect that Iris Energy will post -0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IREN. Quadrature Capital Ltd boosted its holdings in Iris Energy by 719.8% in the 4th quarter. Quadrature Capital Ltd now owns 232,312 shares of the company's stock worth $1,655,000 after acquiring an additional 203,976 shares during the period. Goldman Sachs Group Inc. acquired a new stake in shares of Iris Energy during the 4th quarter valued at approximately $836,000. Vident Advisory LLC raised its position in shares of Iris Energy by 110.5% during the 4th quarter. Vident Advisory LLC now owns 1,237,155 shares of the company's stock valued at $8,846,000 after acquiring an additional 649,411 shares in the last quarter. Prelude Capital Management LLC acquired a new stake in shares of Iris Energy during the 4th quarter valued at approximately $173,000. Finally, Creative Planning acquired a new stake in shares of Iris Energy during the 4th quarter valued at approximately $91,000. Institutional investors and hedge funds own 41.08% of the company's stock.

Analysts Set New Price Targets

IREN has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and issued a $10.00 price objective on shares of Iris Energy in a research report on Thursday. B. Riley lowered their price objective on shares of Iris Energy from $10.00 to $9.50 and set a "buy" rating on the stock in a research report on Friday, March 15th. Canaccord Genuity Group reiterated a "buy" rating and issued a $9.00 price objective on shares of Iris Energy in a research report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Iris Energy from $9.00 to $9.50 and gave the stock an "overweight" rating in a research report on Friday, December 8th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $12.00.

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.

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