Iris Energy (NASDAQ:IREN) Shares Up 6.2% – Time to Buy?

Shares of Iris Energy Limited (NASDAQ:IREN) traded up 6.2% during mid-day trading on Thursday . The company traded as high as $9.41 and last traded at $9.22. 7,288,589 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 12,767,999 shares. The stock had previously closed at $8.68.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IREN. Macquarie lifted their price objective on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. cut their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. Roth Mkm started coverage on shares of Iris Energy in a research report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price for the company. Finally, Needham & Company LLC started coverage on shares of Iris Energy in a report on Wednesday, September 4th. They issued a “hold” rating on the stock. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Iris Energy presently has a consensus rating of “Buy” and an average price target of $15.44.

Iris Energy Trading Up 3.3 %

The company’s fifty day moving average is $8.07 and its 200 day moving average is $8.52.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. X Square Capital LLC boosted its holdings in Iris Energy by 100.0% during the 3rd quarter. X Square Capital LLC now owns 90,000 shares of the company’s stock valued at $760,000 after acquiring an additional 45,000 shares during the period. Avaii Wealth Management LLC boosted its stake in shares of Iris Energy by 89.9% during the third quarter. Avaii Wealth Management LLC now owns 42,267 shares of the company’s stock valued at $357,000 after purchasing an additional 20,013 shares during the period. Vontobel Holding Ltd. grew its holdings in shares of Iris Energy by 123.1% in the third quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock worth $416,000 after purchasing an additional 27,212 shares during the last quarter. AFG Fiduciary Services Limited Partnership purchased a new position in shares of Iris Energy in the third quarter worth $77,000. Finally, Creative Planning raised its holdings in Iris Energy by 71.2% during the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock valued at $3,862,000 after buying an additional 190,300 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

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.