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 20 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 75% leaning bullish and 25% bearish. Among these notable options, 2 are puts, totaling $81,485, and 18 are calls, amounting to $813,783.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $7.5 and $20.0 for Iris Energy, spanning the last three months.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Iris Energy's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Iris Energy's whale activity within a strike price range from $7.5 to $20.0 in the last 30 days.
Iris Energy Option Activity Analysis: Last 30 Days
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 | BEARISH | 11/15/24 | $2.25 | $2.15 | $2.15 | $14.00 | $107.5K | 1.2K | 64 |
| IREN | CALL | TRADE | BEARISH | 11/15/24 | $2.15 | $2.0 | $2.05 | $14.00 | $81.9K | 1.2K | 565 |
| IREN | CALL | SWEEP | BULLISH | 11/15/24 | $3.6 | $3.4 | $3.6 | $10.00 | $72.0K | 11.6K | 1 |
| IREN | CALL | SWEEP | BULLISH | 07/26/24 | $0.9 | $0.8 | $0.9 | $11.50 | $67.5K | 793 | 48 |
| IREN | CALL | TRADE | BEARISH | 09/20/24 | $0.9 | $0.7 | $0.7 | $20.00 | $59.8K | 2.9K | 0 |
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.
Iris Energy's Current Market Status
- Currently trading with a volume of 10,988,368, the IREN's price is down by 0.0%, now at $11.3.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 14 days.
Expert Opinions on Iris Energy
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $20.333333333333332.
- In a cautious move, an analyst from Bernstein downgraded its rating to Outperform, setting a price target of $26.
- An analyst from B. Riley Securities persists with their Buy rating on Iris Energy, maintaining a target price of $18.
- An analyst from B. Riley Securities has decided to maintain their Buy rating on Iris Energy, which currently sits at a price target of $17.
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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