Iris Energy (NASDAQ:IREN) Stock Price Up 7.3% – Time to Buy?

Iris Energy Limited (NASDAQ:IREN) was up 7.3% on Friday . The stock traded as high as $13.31 and last traded at $13.30. Approximately 3,172,777 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 13,474,771 shares. The stock had previously closed at $12.40.

Wall Street Analyst Weigh In

IREN has been the subject of several recent research reports. Macquarie increased their price objective on shares of Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th. Roth Capital raised shares of Iris Energy to a “strong-buy” rating in a research note on Tuesday, October 1st. B. Riley cut their price objective on shares of Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Needham & Company LLC restated a “hold” rating on shares of Iris Energy in a research note on Wednesday. Finally, HC Wainwright boosted their price target on Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday. 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $16.33.

Iris Energy Stock Performance

The firm’s 50 day moving average is $9.51 and its two-hundred day moving average is $9.50.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. Bluefin Capital Management LLC bought a new position in shares of Iris Energy during the second quarter worth about $113,000. AFG Fiduciary Services Limited Partnership bought a new position in Iris Energy in the 3rd quarter worth about $77,000. Covestor Ltd bought a new position in Iris Energy in the 3rd quarter worth about $87,000. Sippican Capital Advisors acquired a new stake in shares of Iris Energy in the third quarter valued at approximately $94,000. Finally, Seven Eight Capital LP bought a new stake in shares of Iris Energy during the second quarter valued at approximately $146,000. 41.08% of the stock is currently owned by institutional investors.

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.