Iris Energy (NASDAQ:IREN) Trading 5.3% Higher

Iris Energy Limited (NASDAQ:IREN)’s share price was up 5.3% during mid-day trading on Monday . The stock traded as high as $7.93 and last traded at $7.91. Approximately 2,899,899 shares traded hands during trading, a decline of 77% from the average daily volume of 12,377,328 shares. The stock had previously closed at $7.51.

Wall Street Analyst Weigh In

Several equities analysts recently commented on IREN shares. Compass Point dropped their target price on Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Macquarie lifted their price target on shares of Iris Energy from $12.00 to $13.50 and gave the stock an “outperform” rating in a research note on Friday, August 30th. B. Riley decreased their price objective on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Needham & Company LLC began coverage on Iris Energy in a research report on Wednesday, September 4th. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. decreased their target price on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.63.

Iris Energy Trading Up 5.6 %

The company’s fifty day moving average price is $8.48 and its two-hundred day moving average price is $8.03.

Institutional Trading of Iris Energy

Institutional investors and hedge funds have recently made changes to their positions in the company. D1 Capital Partners L.P. purchased a new position in shares of Iris Energy in the 2nd quarter worth about $17,319,000. Hood River Capital Management LLC purchased a new stake in Iris Energy during the second quarter worth approximately $13,618,000. Marshall Wace LLP increased its position in shares of Iris Energy by 33.6% in the second quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after acquiring an additional 958,494 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Iris Energy during the 2nd quarter valued at $9,969,000. Finally, Vident Advisory LLC increased its holdings in Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock valued at $10,557,000 after purchasing an additional 717,843 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

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.