Iris Energy Ltd (NASDAQ:IREN) price closed higher on Monday, November 20, jumping 3.89% above its previous close.
A look at the daily price movement shows that the last close reads $2.83, with intraday deals fluctuated between $2.85 and $3.025. The company’s 5Y monthly beta was ticking 2.28. Taking into account the 52-week price action we note that the stock hit a 52-week high of $8.06 and 52-week low of $1.02. The stock subtracted -6.37% on its value in the past month.
Iris Energy Ltd, which has a market valuation of $195.57 million, is expected to release its quarterly earnings report Feb 15, 2024 – Feb 16, 2024. Analysts tracking IREN have forecast the quarterly EPS to shrink by -0.25 per share this quarter, while the same analysts predict the annual EPS to hit -$2.45 for the year 2023 and up to -$0.06 for 2024. In this case, analysts estimate an annual EPS growth of 76.10% for the year and 97.60% for the next year.
Staying with the analyst view, there is a consensus estimate of $75.51 million for the company’s annual revenue in 2023. Per this projection, the revenue is forecast to grow 27.90% above that which the company brought in 2023.
Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with 1 upward and no downward reviews. On the technical perspective front, indicators give IREN a short term outlook of 100% Sell on average. Looking at the stock’s medium term indicators we note that it is averaging as a 100% Sell, while an average of long term indicators are currently assigning the stock as 50% Sell.
Here is a look at the average analyst rating for the stock as represented on a scale of 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock is strong buy or strong sell respectively. Specifically, 7 analysts have assigned IREN a recommendation rating as follows: 0 rate it as a Hold; 7 advise Buy while 0 analyst(s) assign an Overweight rating. 0 analyst(s) have tagged the Iris Energy Ltd (IREN) stock as Underweight, with 0 recommending Sell. In general, analysts have rated the stock Buy, a scenario likely to bolster investors out for an opportunity to add to their holdings of the company’s shares.
The overview shows that IREN’s price is at present -6.37% off the SMA20 and -15.45% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 43.19, with weekly volatility standing at 7.34%. The indicator jumps to 9.95% when calculated based on the past 30 days. Iris Energy Ltd (NASDAQ:IREN)’s beta value is holding at 2.04, while the average true range (ATR) indicator is currently reading 0.30. Considering analysts have assigned the stock a price target range of $7.50-$14.00 as the low and high respectively, we find the trailing 12-month average consensus price target to be $9.50. Based on this estimate, we see that current price is roughly -155.1% off the estimated low and -376.19% off the forecast high. Investors will no doubt be excited to see the share price fall to $8.00, which is the median consensus price, and at that level IREN would be -172.11% from current price.
Turning out attention to how the Iris Energy Ltd stock has performed in comparison to its peers in the industry, here’s what we find: IREN’s stock is 3.89% on the day and 51.55% in the past 12 months, while Canaan Inc. ADR (CAN) traded -1.17%% in the last session and was positioned -32.94% down on its price 12 months ago. Turning out attention to how the Iris Energy Ltd stock has performed in comparison to its peers in the industry, here’s what we find: IREN’s stock is 3.89% on the day and 51.55% in the past 12 months, while Canaan Inc. ADR (CAN) traded -1.17%% in the last session and was positioned -32.94% down on its price 12 months ago. Another comparison is with Hut 8 Mining Corp. (HUT) whose stock price was up 4.21%% in the last trading session, and has flourished 76.79% over the past year. Also, HIVE Digital Technologies Ltd. (HIVE) showed down trend of -1.67%% while its price kept floating at 47.50% over the past year. Elsewhere in the market, the S&P 500 Index has rallied 0.74% in last trading session, with the Dow Jones Industrial also saw a positive session on the day with 0.58%.
An analysis of the Iris Energy Ltd (NASDAQ:IREN) stock in terms of its daily trading volume indicates that the 3-month average is 1.55 million. However, this figure increases on the past 10-day timeline to an average of 1.51 million.
Current records show that the company has 64.75M in outstanding shares. The insiders’ percentage holdings are 24.73% of outstanding shares while the percentage share held by institutions stands at 18.84%. The stats also highlight that short interest as of Oct 30, 2023, stood at 1.6 million shares, which puts the short ratio at the time at 0.82. From this we can glean that short interest is 2.38% of company’s current outstanding shares. Notably, we see that shares short in October rose slightly given the previous month’s figure stood at 0.77 million. But the 135.20% upside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.