Mixed options sentiment in Iris Energy (IREN), with shares down $1.97 near $58.45. Options volume relatively light with 132k contracts traded and calls leading puts for a put/call ratio of 0.52, compared to a typical level near 0.47. Implied volatility (IV30) dropped 4.51 near 131.51, in the highest 10% of observations over the past year, suggesting an expected daily move of $4.84. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Sell at H.C. Wainwright.Looking ahead: Iris Energy (IREN) will report earnings after the close on 2025-11-06.Option markets are pricing in a 50% probability of a move greater than 14.43% or $8.44.
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