Traders Purchase Large Volume of Iris Energy Call Options (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) saw some unusual options trading activity on Tuesday. Investors purchased 23,949 call options on the stock. This represents an increase of approximately 66% compared to the typical daily volume of 14,386 call options.

Institutional Investors Weigh In On Iris Energy

Institutional investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd boosted its position in shares of Iris Energy by 719.8% during the fourth 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 last quarter. Goldman Sachs Group Inc. purchased a new position in shares of Iris Energy during the fourth quarter valued at about $836,000. Vident Advisory LLC increased its holdings in shares of Iris Energy by 110.5% in the fourth quarter. Vident Advisory LLC now owns 1,237,155 shares of the company’s stock worth $8,846,000 after purchasing an additional 649,411 shares during the last quarter. Prelude Capital Management LLC purchased a new stake in shares of Iris Energy in the fourth quarter worth about $173,000. Finally, Creative Planning bought a new position in Iris Energy during the fourth quarter valued at approximately $91,000. 41.08% of the stock is owned by hedge funds and other institutional investors.

Iris Energy Stock Up 3.4 %

Shares of Iris Energy stock opened at $4.50 on Thursday. The stock’s fifty day moving average is $5.68 and its 200 day moving average is $4.94. Iris Energy has a one year low of $2.79 and a one year high of $9.69.

Iris Energy (NASDAQ:IREN) last announced its quarterly earnings data on Thursday, February 15th. The company reported ($0.07) EPS for the quarter. The firm had revenue of $42.57 million for the quarter, compared to analysts’ expectations of $37.58 million. On average, equities analysts expect that Iris Energy will post 0.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on IREN. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Iris Energy in a report on Tuesday, April 2nd. Canaccord Genuity Group reissued a “buy” rating and set a $9.00 price objective on shares of Iris Energy in a research note on Thursday, March 28th. B. Riley decreased their target price on shares of Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Iris Energy in a research report on Thursday, March 28th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target 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.