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 11 uncommon options trades for Iris Energy.
This isn't normal.
The overall sentiment of these big-money traders is split between 54% bullish and 27%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $79,365, and 9 are calls, for a total amount of $267,885.
Predicted Price Range
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 $17.5 for Iris Energy during the past quarter.
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 $7.5 to $17.5, over the past month.
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 | PUT | SWEEP | BULLISH | 06/28/24 | $0.25 | $0.1 | $0.15 | $12.50 | $49.8K | 795 | 58 |
| IREN | CALL | SWEEP | BEARISH | 01/16/26 | $7.3 | $7.0 | $7.01 | $10.00 | $35.2K | 39.1K | 364 |
| IREN | CALL | TRADE | BULLISH | 01/16/26 | $6.8 | $6.7 | $6.8 | $10.00 | $34.0K | 39.1K | 114 |
| IREN | CALL | TRADE | BEARISH | 01/16/26 | $7.0 | $6.3 | $6.5 | $10.00 | $33.1K | 39.1K | 53 |
| IREN | CALL | TRADE | NEUTRAL | 07/19/24 | $1.15 | $1.05 | $1.1 | $15.00 | $33.0K | 11.0K | 341 |
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?
- Trading volume stands at 13,268,890, with IREN's price up by 5.74%, positioned at $13.36.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 40 days.
Professional Analyst Ratings for Iris Energy
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $17.333333333333332.
- Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on Iris Energy with a target price of $11.
- An analyst from B. Riley Securities has decided to maintain their Buy rating on Iris Energy, which currently sits at a price target of $18.
- Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $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.
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