Iris Energy Ltd (NASDAQ:IREN) shares, rose in value, with the stock price down by -6.94% to the previous day’s close as strong demand from buyers drove the stock to $4.56.
Actively observing the price movement in the last trading, the stock closed the session at $4.90. The value of beta (5-year monthly) was 3.08. Referring to stock’s 52-week performance, its high was $9.69, and the low was $2.55. On the whole, IREN has fluctuated by -34.10% over the past month.
With the market capitalization of Iris Energy Ltd currently standing at about $295.26 million, investors are eagerly awaiting this quarter’s results, scheduled for Feb 15, 2024.
Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $75.51 million, representing an increase of 27.90% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that IREN’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 50% Sell.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of IREN currently trading nearly -25.61% and -17.01% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 37.59, while the 7-day volatility ratio is showing 9.87% which for the 30-day chart, stands at 11.05%. Furthermore, Iris Energy Ltd (IREN)’s beta value is 3.05, and its average true range (ATR) is 0.63.
A comparison of Iris Energy Ltd (IREN) with its peers suggests the former has fared considerably weaker in the market. IREN showed an intraday change of -6.94% in last session, and over the past year, it grew by 70.15%%.
Data on historical trading for Iris Energy Ltd (NASDAQ:IREN) indicates that the trading volumes over the past 10 days have averaged 8.85 million and over the past 3 months, they’ve averaged 8.33 million. According to company’s latest data on outstanding shares, there are 64.75 million shares outstanding.
Nearly 15.32% of Iris Energy Ltd’s shares belong to company insiders and institutional investors own 28.69% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 2.46 million shares as on Feb 29, 2024, resulting in a short ratio of 0.24. According to the data, the short interest in Iris Energy Ltd (IREN) stood at 2.37% of shares outstanding as of Feb 29, 2024; the number of short shares registered in Jan 31, 2024 reached 2.91 million. The stock has fallen by -36.22% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the IREN stock heading into the next quarter.
