Van Eck Associates Corp. recently announced the acquisition of new stake in Iris Energy Limited (NASDAQ:IREN). The institutional investor has increased its shareholding in the Financial company by 124.32% to 1.05 million shares with purchase of 0.58 million shares. This fresh investment now brings its stake to 1.91% valued currently at $2.91 million. In addition, SIGNAL IDUNA Asset Management Gmb raised its holdings by 0.75 million to 0.75 million shares. And Exchange Traded Concepts LLC has lifted its position by 59.82% or 0.27 million shares – to 0.71 million shares.
With over 0.88 million Iris Energy Limited (IREN) shares trading Tuesday and a closing price of $3.32 on the day, the dollar volume was approximately $2.94 million. The shares have shown a negative half year performance of -23.33% and its price on 03/21/23 gained nearly 9.93%. Currently, there are 53.03M common shares owned by the public and among those 46.67M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for IREN have a consensus price objective of $6.90. The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $4.00. The average price target is 51.88% above its recent price level and an upside to the estimated low will see the stock gain 17.0% over that period. But an upside of 58.5% will see the stock hit the forecast high price target while median target price for the stock is $8.00.
The top 3 mutual fund holders in Iris Energy Limited are Bitwise Crypto Industry Innovator, BIT Global Crypto Leaders, and Platinum Capital Ltd. Bitwise Crypto Industry Innovator owns 0.75 million shares of the company’s stock, all valued at over $2.07 million. Platinum Capital Ltd. bought 0.64 million shares to bring its total holdings to over 0.64 million shares at a value of $1.76 million. Platinum Capital Ltd. now owns shares totaling to 1.16% of the shares outstanding.
Shares of Iris Energy Limited (NASDAQ: IREN) opened at $3.07, up $0.05 from a prior closing price of $3.02. However, the script later moved the day high at 3.3516, up 9.93%. The company’s stock has a 5-day price change of 23.88% and 140.58% over the past three months. IREN shares are trading 165.60% year to date (YTD), with the 12-month market performance down to -74.79% lower. It has a 12-month low price of $1.02 and touched a high of $16.09 over the same period. IREN has an average intraday trading volume of 818.32K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 19.29%, 36.75%, and 4.81% respectively.
Institutional ownership of Iris Energy Limited (NASDAQ: IREN) shares accounts for 21.80% of the company’s 53.03M shares outstanding. Mutual fund holders own 7.09%, while other institutional holders and individual stakeholders account for 9.32% and — respectively.
It has a market capitalization of $182.50M. The earnings-per-share (ttm) stands at -$5.55. Price movements for the stock have been influenced by the stock’s volatility, which stands at 11.83% over the week and 13.90% over the month.
Analysts forecast that Iris Energy Limited (IREN) will achieve an EPS of -$0.13 for the current quarter, -$0.12 for the next quarter and -$0.35 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.37 while analysts give the company a high EPS estimate of $0.01. Earnings per share for the fiscal year are expected to decrease by -834.40%, and 31.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Iris Energy Limited (IREN) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 2 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the IREN, a number of firms have released research notes about the stock. H.C. Wainwright stated their Buy rating for the stock in a research note on February 16, 2023, with the firm’s price target at $3-$8. Cantor Fitzgerald coverage for the Iris Energy Limited (IREN) stock in a research note released on November 08, 2022 offered a Neutral rating with a price target of $3. JP Morgan was of a view on September 28, 2022 that the stock is Neutral, while Cowen gave the stock Market Perform rating on September 23, 2022, issuing a price target of $14- $4.30. Compass Point on their part issued Buy rating on September 14, 2022.
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