Iris Energy (NASDAQ:IREN) Shares Gap Up – What’s Next?

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $13.36, but opened at $13.86. Iris Energy shares last traded at $13.44, with a volume of 1,297,768 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently commented on IREN shares. Roth Mkm assumed coverage on shares of Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price for the company. Macquarie increased their target price on Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group boosted their price target on Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. HC Wainwright increased their price objective on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, B. Riley reduced their target price on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.56.

Iris Energy Price Performance

The business has a fifty day simple moving average of $10.61 and a 200-day simple moving average of $10.02.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after buying an additional 264,883 shares during the period. Sender Co & Partners Inc. acquired a new position in shares of Iris Energy during the third quarter worth $561,000. Continuum Advisory LLC bought a new stake in shares of Iris Energy in the third quarter worth $430,000. Y Intercept Hong Kong Ltd grew its stake in shares of Iris Energy by 592.2% in the third quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock worth $1,745,000 after purchasing an additional 176,843 shares during the last quarter. Finally, Main Management ETF Advisors LLC bought a new position in Iris Energy during the 3rd quarter worth $760,000. Institutional investors and hedge funds 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.