Van Eck Associates Corp. recently announced the acquisition of new stake in Iris Energy Ltd (NASDAQ:IREN). The institutional investor has increased its shareholding in the Financial company by 19.71% to 1.12 million shares with purchase of 0.18 million shares. This fresh investment now brings its stake to 1.63% valued currently at $3.44 million. In addition, SIGNAL IDUNA Asset Management Gmb raised its holdings by 0.75 million to 0.75 million shares.
With over 8.73 million Iris Energy Ltd (IREN) shares trading Monday and a closing price of $5.38 on the day, the dollar volume was approximately $46.95 million. The shares have shown a positive half year performance of 70.25% and its price on 12/04/23 lost nearly -3.41%. Currently, there are 64.75M common shares owned by the public and among those 50.07M 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: 7 analysts who have offered their price forecasts for IREN have a consensus price objective of $9.57. The analysts have set the share’s price value over the next 12 months at a high of $14.00 and a low of $8.00. The average price target is 43.78% above its recent price level and an upside to the estimated low will see the stock gain 32.75% over that period. But an upside of 61.57% will see the stock hit the forecast high price target while median target price for the stock is $9.00.
The top 3 mutual fund holders in Iris Energy Ltd are BIT Global Crypto Leaders, Global X Blockchain ETF, and VanEck UCITS ETFs Plc – Crypto &. BIT Global Crypto Leaders owns 0.75 million shares of the company’s stock, all valued at over $2.3 million. The company bought an additional 0.75 million shares recently to bring their total holdings to about 1.09% of the shares outstanding. Global X Blockchain ETF bought 74784.0 shares to see its total holdings expand to 0.71 million shares valued at over $2.2 million and representing 1.04% of the shares outstanding. VanEck UCITS ETFs Plc – Crypto & now owns shares totaling to 0.95% of the shares outstanding.
Shares of Iris Energy Ltd (NASDAQ: IREN) opened at $6.17, up $0.6 from a prior closing price of $5.57. The company’s stock has a 5-day price change of 41.58% and 22.00% over the past three months. IREN shares are trading 330.40% year to date (YTD), with the 12-month market performance up to 242.68% higher. It has a 12-month low price of $1.02 and touched a high of $8.06 over the same period. IREN has an average intraday trading volume of 1.87 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 53.97%, 58.23%, and 32.73% respectively.
Institutional ownership of Iris Energy Ltd (NASDAQ: IREN) shares accounts for 18.84% of the company’s 64.75M shares outstanding. Mutual fund holders own 10.38%, while other institutional holders and individual stakeholders account for 8.31% and — respectively.
It has a market capitalization of $357.88M and a beta (3y monthly) value of 2.77. The company has a debt-to-equity ratio at 0.41. Price movements for the stock have been influenced by the stock’s volatility, which stands at 15.41% over the week and 10.91% over the month.
Analysts forecast that Iris Energy Ltd (IREN) will achieve an EPS of $0 for the current quarter, $0 for the next quarter and -$0.11 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0. Earnings per share for the fiscal year are expected to increase by 97.18%, and 441.21% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Iris Energy Ltd (IREN) as a “Strong Buy” at a consensus score of 1.00. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 0 of the 7 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. JP Morgan stated their Overweight rating for the stock in a research note on October 11, 2023, with the firm’s price target at $6-$6.50.
