High-rolling investors have positioned themselves bearish on Iris Energy IREN, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in IREN often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 8 options trades for Iris Energy. This is not a typical pattern.
The sentiment among these major traders is split, with 37% bullish and 50% bearish. Among all the options we identified, there was one put, amounting to $99,000, and 7 calls, totaling $478,718.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $9.0 to $17.5 for Iris Energy over the recent three months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Iris Energy stands at 6375.0, with a total volume reaching 2,515.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Iris Energy, situated within the strike price corridor from $9.0 to $17.5, throughout the last 30 days.
Iris Energy Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IREN | CALL | SWEEP | BULLISH | 01/16/26 | $3.7 | $3.4 | $3.7 | $12.50 | $196.1K | 8.2K | 612 |
| IREN | CALL | SWEEP | BEARISH | 02/21/25 | $4.1 | $3.9 | $3.9 | $9.00 | $116.6K | 219 | 300 |
| IREN | PUT | TRADE | NEUTRAL | 01/16/26 | $10.1 | $9.7 | $9.9 | $17.50 | $99.0K | 17.0K | 100 |
| IREN | CALL | TRADE | BEARISH | 12/20/24 | $4.4 | $2.4 | $2.62 | $11.00 | $39.3K | 260 | 158 |
| IREN | CALL | SWEEP | BEARISH | 08/30/24 | $0.95 | $0.85 | $0.85 | $12.50 | $39.0K | 712 | 989 |
About Iris Energy
Iris Energy Ltd is a Bitcoin mining company. It builds, owns, and operates data centers and electrical infrastructure for the mining of Bitcoin powered by renewable energy. The company's mining operations generate revenue by earning Bitcoin through a combination of block rewards and transaction fees from the operation of its specialized computers called Application-specific Integrated Circuits and exchanging these Bitcoin for currencies such as USD or CAD on a daily basis.
After a thorough review of the options trading surrounding Iris Energy, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Iris Energy
- Trading volume stands at 4,784,804, with IREN's price up by 0.31%, positioned at $9.57.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 11 days.
Professional Analyst Ratings for Iris Energy
5 market experts have recently issued ratings for this stock, with a consensus target price of $19.2.
- An analyst from Canaccord Genuity persists with their Buy rating on Iris Energy, maintaining a target price of $15.
- Maintaining their stance, an analyst from B. Riley Securities continues to hold a Buy rating for Iris Energy, targeting a price of $17.
- Reflecting concerns, an analyst from HC Wainwright & Co. lowers its rating to Buy with a new price target of $15.
- An analyst from Bernstein has revised its rating downward to Outperform, adjusting the price target to $26.
- An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $23.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Iris Energy options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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