Moderately bullish activity in Iris Energy (IREN), with shares up $5.79, or 8.7%, near $72.42. Options volume relatively light with 83k contracts traded and calls leading puts for a put/call ratio of 0.25, compared to a typical level near 0.47. Implied volatility (IV30) dropped 4.4 near 130.0, in the highest 10% of observations over the past year, suggesting an expected daily move of $5.93. Put-call skew flattened, suggesting a modestly bullish tone, 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 13.84% or $10.03.
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