Investors with a lot of money to spend have taken a bullish stance on Iris Energy IREN.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with IREN, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 10 uncommon options trades for Iris Energy.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 30%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $90,030, and 8 are calls, for a total amount of $335,830.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $7.5 to $15.0 for Iris Energy during the past quarter.
Insights into Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Iris Energy's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Iris Energy's substantial trades, within a strike price spectrum from $7.5 to $15.0 over the preceding 30 days.
Iris Energy 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IREN | CALL | TRADE | BULLISH | 02/21/25 | $1.9 | $1.8 | $1.9 | $11.00 | $91.2K | 482 | 532 |
| IREN | PUT | TRADE | NEUTRAL | 08/30/24 | $1.15 | $1.05 | $1.1 | $8.00 | $52.0K | 7.0K | 476 |
| IREN | CALL | SWEEP | BULLISH | 01/16/26 | $3.7 | $2.9 | $3.7 | $10.00 | $38.8K | 31.3K | 0 |
| IREN | PUT | SWEEP | NEUTRAL | 08/23/24 | $1.05 | $0.95 | $0.95 | $8.00 | $38.0K | 519 | 400 |
| IREN | CALL | SWEEP | BULLISH | 08/23/24 | $0.5 | $0.4 | $0.5 | $10.00 | $36.5K | 338 | 730 |
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.
Having examined the options trading patterns of Iris Energy, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Where Is Iris Energy Standing Right Now?
- With a trading volume of 15,975,801, the price of IREN is down by -5.01%, reaching $7.96.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 14 days from now.
Professional Analyst Ratings for Iris Energy
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $19.2.
- Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $23.
- Maintaining their stance, an analyst from Canaccord Genuity continues to hold a Buy rating for Iris Energy, targeting a price of $15.
- Consistent in their evaluation, an analyst from B. Riley Securities keeps a Buy rating on Iris Energy with a target price of $17.
- In a cautious move, an analyst from HC Wainwright & Co. downgraded its rating to Buy, setting a price target of $15.
- An analyst from Bernstein has revised its rating downward to Outperform, adjusting the price target to $26.
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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