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 10 options trades for Iris Energy. This is not a typical pattern.
The sentiment among these major traders is split, with 30% bullish and 70% bearish. Among all the options we identified, there was one put, amounting to $25,500, and 9 calls, totaling $422,265.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $4.5 to $12.5 for Iris Energy over the last 3 months.
Volume & Open Interest Trends
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 $4.5 to $12.5 in the last 30 days.
Iris Energy Option Volume And Open Interest Over 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 | TRADE | BEARISH | 06/21/24 | $0.7 | $0.6 | $0.62 | $9.00 | $124.0K | 214 | 2.1K |
| IREN | CALL | SWEEP | BEARISH | 11/15/24 | $4.2 | $3.9 | $4.0 | $5.00 | $70.4K | 6.3K | 274 |
| IREN | CALL | SWEEP | BEARISH | 06/21/24 | $1.3 | $1.25 | $1.25 | $7.50 | $46.9K | 1.1K | 1.3K |
| IREN | CALL | SWEEP | BEARISH | 11/15/24 | $2.05 | $1.55 | $1.55 | $12.50 | $36.1K | 9.7K | 234 |
| IREN | CALL | SWEEP | BULLISH | 08/16/24 | $3.3 | $3.2 | $3.2 | $5.00 | $32.2K | 5.9K | 153 |
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.
Where Is Iris Energy Standing Right Now?
- With a volume of 11,670,816, the price of IREN is up 13.79% at $8.04.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 72 days.
Professional Analyst Ratings for Iris Energy
3 market experts have recently issued ratings for this stock, with a consensus target price of $10.333333333333334.
- An analyst from Canaccord Genuity persists with their Buy rating on Iris Energy, maintaining a target price of $12.
- An analyst from HC Wainwright & Co. downgraded its action to Buy with a price target of $10.
- An analyst from Canaccord Genuity has decided to maintain their Buy rating on Iris Energy, which currently sits at a price target of $9.
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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Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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