Deep-pocketed investors have adopted a bullish approach towards Iris Energy IREN, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in IREN usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 16 extraordinary options activities for Iris Energy. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 62% leaning bullish and 31% bearish. Among these notable options, 5 are puts, totaling $361,592, and 11 are calls, amounting to $718,286.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $2.5 and $12.5 for Iris Energy, spanning the last three months.
Insights into Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Iris Energy's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Iris Energy's significant trades, within a strike price range of $2.5 to $12.5, over the past month.
Iris Energy 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IREN | CALL | TRADE | BEARISH | 03/21/25 | $3.0 | $2.2 | $2.25 | $8.00 | $225.0K | 84 | 2.0K |
| IREN | PUT | SWEEP | BULLISH | 03/21/25 | $2.7 | $2.65 | $2.65 | $8.00 | $152.1K | 1 | 1.0K |
| IREN | CALL | TRADE | BEARISH | 03/21/25 | $2.3 | $2.15 | $2.2 | $8.00 | $151.5K | 84 | 311 |
| IREN | PUT | SWEEP | BULLISH | 03/21/25 | $2.75 | $2.7 | $2.7 | $8.00 | $93.9K | 1 | 0 |
| IREN | CALL | TRADE | BULLISH | 01/16/26 | $4.5 | $4.2 | $4.4 | $5.00 | $88.0K | 2.0K | 200 |
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.
In light of the recent options history for Iris Energy, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Iris Energy's Current Market Status
- With a trading volume of 8,592,068, the price of IREN is up by 4.38%, reaching $7.44.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 62 days from now.
Expert Opinions on Iris Energy
In the last month, 5 experts released ratings on this stock with an average target price of $15.5.
- 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 HC Wainwright & Co. continues to hold a Buy rating for Iris Energy, targeting a price of $13.
- An analyst from Compass Point has decided to maintain their Buy rating on Iris Energy, which currently sits at a price target of $16.
- Maintaining their stance, an analyst from Macquarie continues to hold a Outperform rating for Iris Energy, targeting a price of $13.
- Maintaining their stance, an analyst from Cantor Fitzgerald continues to hold a Overweight rating for Iris Energy, targeting a price of $20.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Iris Energy with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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