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 $5.52 million. In addition, SIGNAL IDUNA Asset Management Gmb raised its holdings by 0.75 million to 0.75 million shares.
With over 7.57 million Iris Energy Ltd (IREN) shares trading Monday and a closing price of $6.42 on the day, the dollar volume was approximately $48.58 million. The shares have shown a negative half year performance of -8.94% and its price on 01/08/24 gained nearly 3.72%. 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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The top 3 mutual fund holders in Iris Energy Ltd are Global X Blockchain ETF, BIT Global Crypto Leaders, and VanEck UCITS ETFs Plc – Crypto &. Global X Blockchain ETF owns 0.87 million shares of the company’s stock, all valued at over $4.27 million. VanEck UCITS ETFs Plc – Crypto & now owns shares totaling to 1.00% of the shares outstanding.
Shares of Iris Energy Ltd (NASDAQ: IREN) opened at $6.36, up $0.17 from a prior closing price of $6.19. However, the script later moved the day high at 6.71, up 3.72%. The company’s stock has a 5-day price change of -10.21% and 85.55% over the past three months. IREN shares are trading -10.21% year to date (YTD), with the 12-month market performance up to 386.36% higher. It has a 12-month low price of $1.23 and touched a high of $9.69 over the same period. IREN has an average intraday trading volume of 3.69 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 -3.51%, 32.90%, and 43.75% respectively.
Institutional ownership of Iris Energy Ltd (NASDAQ: IREN) shares accounts for 19.09% of the company’s 64.75M shares outstanding. Mutual fund holders own 11.09%, while other institutional holders and individual stakeholders account for 8.83% and — respectively.
It has a market capitalization of $427.06M and a beta (3y monthly) value of 2.96. 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 13.27% over the week and 14.73% 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 -$0.1 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 101.74%, and 1216.83% 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.
