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

Iris Energy Limited (NASDAQ:IREN) was the target of unusually large options trading on Tuesday. Stock investors acquired 23,949 call options on the company. This represents an increase of approximately 66% compared to the typical daily volume of 14,386 call options.

Iris Energy Stock Performance

Shares of IREN opened at $4.35 on Wednesday. Iris Energy has a one year low of $2.79 and a one year high of $9.69. The stock has a 50-day moving average of $5.67 and a 200-day moving average of $4.94.

Iris Energy (NASDAQ:IREN) last released 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 during the quarter, compared to analysts’ expectations of $37.58 million. As a group, analysts forecast that Iris Energy will post 0.08 EPS for the current year.

Institutional Trading of Iris Energy

A number of institutional investors and hedge funds have recently modified their holdings of IREN. Two Sigma Securities LLC bought a new stake in shares of Iris Energy in the 1st quarter worth approximately $32,000. Toroso Investments LLC purchased a new stake in Iris Energy in the third quarter worth $46,000. Tucker Asset Management LLC purchased a new stake in Iris Energy in the third quarter worth $47,000. UBS Group AG raised its stake in shares of Iris Energy by 25.7% in the first quarter. UBS Group AG now owns 15,957 shares of the company’s stock valued at $49,000 after buying an additional 3,259 shares during the period. Finally, Penserra Capital Management LLC lifted its position in shares of Iris Energy by 42.7% during the 4th quarter. Penserra Capital Management LLC now owns 46,371 shares of the company’s stock valued at $57,000 after buying an additional 13,885 shares during the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on IREN shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Iris Energy in a research note on Thursday, March 28th. Canaccord Genuity Group restated a “buy” rating and issued a $9.00 price target on shares of Iris Energy in a research report on Thursday, March 28th. HC Wainwright reiterated a “buy” rating and set a $10.00 price target on shares of Iris Energy in a report on Tuesday, April 2nd. Finally, B. Riley decreased their price objective on Iris Energy from $10.00 to $9.50 and set a “buy” rating for the company in a report on Friday, March 15th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $12.00.

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.