Iris Energy (NASDAQ:IREN) Shares Up 7.9% - Here's Why

Shares of Iris Energy Limited (NASDAQ:IREN - Get Free Report) traded up 7.9% on Friday . The company traded as high as $12.41 and last traded at $12.36. 3,446,839 shares changed hands during trading, a decline of 71% from the average session volume of 11,717,733 shares. The stock had previously closed at $11.45.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IREN. HC Wainwright lifted their target price on Iris Energy from $13.00 to $16.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th. B. Riley lifted their target price on Iris Energy from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Canaccord Genuity Group lifted their target price on Iris Energy from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th. Macquarie lifted their target price on Iris Energy from $13.50 to $19.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Finally, Roth Mkm began coverage on Iris Energy in a research note on Wednesday, October 2nd. They issued a "buy" rating and a $14.00 target price for the company. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Iris Energy currently has an average rating of "Moderate Buy" and an average price target of $19.50.

Iris Energy Stock Performance

The company has a fifty day simple moving average of $11.74 and a two-hundred day simple moving average of $10.02.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Truist Financial Corp lifted 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 acquiring an additional 1,575 shares in the last quarter. Evolution Wealth Advisors LLC lifted its holdings in shares of Iris Energy by 8.7% in the fourth quarter. Evolution Wealth Advisors LLC now owns 47,880 shares of the company's stock valued at $470,000 after purchasing an additional 3,830 shares in the last quarter. Chesapeake Capital Corp IL lifted its holdings in shares of Iris Energy by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 17,695 shares of the company's stock valued at $157,000 after purchasing an additional 3,861 shares in the last quarter. Chicago Partners Investment Group LLC lifted its holdings in shares of Iris Energy by 13.2% in the third quarter. Chicago Partners Investment Group LLC now owns 54,515 shares of the company's stock valued at $473,000 after purchasing an additional 6,347 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Iris Energy by 28.3% in the third quarter. Wellington Management Group LLP now owns 36,651 shares of the company's stock valued at $309,000 after purchasing an additional 8,092 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors.

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.