Stock Traders Buy High Volume of Iris Energy Call Options (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) was the target of some unusual options trading activity on Tuesday. Investors acquired 23,949 call options on the company. This is an increase of approximately 66% compared to the average daily volume of 14,386 call options.

Iris Energy Stock Performance

IREN opened at $4.35 on Wednesday. The company’s 50-day simple moving average is $5.67 and its two-hundred day simple moving average is $4.94. Iris Energy has a 52-week low of $2.79 and a 52-week high of $9.69.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings data 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 the consensus estimate of $37.58 million. On average, sell-side analysts predict that Iris Energy will post 0.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iris Energy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Iris Energy by 52.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,037,420 shares of the company’s stock worth $7,418,000 after buying an additional 356,752 shares during the last quarter. Vontobel Holding Ltd. bought a new position in Iris Energy in the third quarter worth approximately $104,000. Van ECK Associates Corp boosted its stake in shares of Iris Energy by 19.7% during the 3rd quarter. Van ECK Associates Corp now owns 1,117,769 shares of the company’s stock worth $4,147,000 after acquiring an additional 184,039 shares during the last quarter. Tucker Asset Management LLC purchased a new position in shares of Iris Energy during the 3rd quarter worth $47,000. Finally, Exchange Traded Concepts LLC grew its position in shares of Iris Energy by 47.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 613,818 shares of the company’s stock valued at $4,389,000 after acquiring an additional 196,635 shares during the period. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the company. B. Riley dropped their price target on 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 set a $9.00 price objective on shares of Iris Energy in a research note on Thursday, March 28th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Iris Energy in a research note on Thursday, March 28th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price target on shares of Iris Energy in a research report on Tuesday, April 2nd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Iris Energy currently has a consensus 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.