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

Iris Energy Limited (NASDAQ:IREN) was the recipient of unusually large options trading on Friday. Investors purchased 107,452 call options on the stock. This represents an increase of 48% compared to the average volume of 72,615 call options.

Iris Energy Stock Up 7.5 %

Shares of NASDAQ:IREN traded up $0.87 during midday trading on Friday, reaching $12.46. The company’s stock had a trading volume of 17,244,981 shares, compared to its average volume of 17,069,189. The firm has a 50 day moving average of $11.77 and a 200-day moving average of $9.88. Iris Energy has a 12-month low of $4.15 and a 12-month high of $15.92.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Tuesday, November 26th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.11). Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. On average, equities analysts predict that Iris Energy will post 0.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

Several large investors have recently modified their holdings of the business. HM Payson & Co. acquired a new stake in Iris Energy during the 4th quarter valued at approximately $30,000. Charles Schwab Investment Management Inc. increased its position in shares of Iris Energy by 96.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 710,890 shares of the company’s stock worth $6,981,000 after purchasing an additional 348,864 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Iris Energy in the fourth quarter worth about $550,000. SRN Advisors LLC acquired a new position in Iris Energy during the fourth quarter worth $982,000. Finally, World Equity Group Inc. purchased a new stake in shares of Iris Energy in the 4th quarter valued at approximately $98,000. Institutional investors own 41.08% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. HC Wainwright boosted their target price on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $15.00 price target (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Canaccord Genuity Group raised their price target on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Macquarie boosted their target price on shares of Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Iris Energy in a research report on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.50.

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.