Iris Energy (NASDAQ:IREN) Shares Gap Up to $7.72

Iris Energy Limited (NASDAQ:IREN) shares gapped up prior to trading on Thursday . The stock had previously closed at $7.72, but opened at $8.20. Iris Energy shares last traded at $7.99, with a volume of 3,324,092 shares traded.

Wall Street Analyst Weigh In

Several research firms recently commented on IREN. Sanford C. Bernstein started coverage on Iris Energy in a research report on Wednesday, July 10th. They issued an “outperform” rating and a $26.00 price target for the company. Needham & Company LLC assumed coverage on Iris Energy in a research report on Wednesday, September 4th. They set a “hold” rating for the company. Macquarie boosted their target price on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. Canaccord Genuity Group reiterated a “buy” rating and set a $15.00 price objective on shares of Iris Energy in a report on Thursday, August 29th. Finally, Cantor Fitzgerald lowered their price target on Iris Energy from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.63.

Iris Energy Price Performance

The stock’s 50-day moving average price is $8.48 and its 200 day moving average price is $7.99.

Hedge Funds Weigh In On Iris Energy

Large investors have recently made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Iris Energy in the second quarter valued at approximately $203,000. Bluefin Capital Management LLC acquired a new stake in Iris Energy in the second quarter valued at $113,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Iris Energy in the second quarter valued at about $149,000. Dana Investment Advisors Inc. acquired a new position in Iris Energy during the second quarter worth about $161,000. Finally, Truist Financial Corp raised its holdings in Iris Energy by 3.2% during the second quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock worth $582,000 after purchasing an additional 1,575 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.