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Iris Energy Limited (NASDAQ: IREN) Surprises The Bears, Looks Good Going Forward

In the last trading session, 1.05 million shares of the Iris Energy Limited (NASDAQ:IREN) were traded. Most recently the company’s share price was $3.76, and it changed around -$0.28 or -6.93% from the last close, which brings the market valuation of the company to $205.71M. IREN currently trades at a discount to its 52-week high of $6.94, offering almost -84.57% off that amount. The share price’s 52-week low was $1.02, which indicates that the current value has risen by an impressive 72.87% since then. We note from Iris Energy Limited’s average daily trading volume that its 10-day average is 0.79 million shares, with the 3-month average coming to 835.18K.

Iris Energy Limited stock received a consensus recommendation rating of a Buy, based on a mean score of 1.90. If we narrow it down even further, the data shows that 0 out of 7 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 1 recommended IREN as a Hold, whereas 6 deemed it a Buy, and 0 rated it as Underweight. Iris Energy Limited is expected to report earnings per share of -$0.24 for the current quarter.

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Iris Energy Limited (NASDAQ:IREN) trade information

Instantly IREN has showed a red trend with a performance of -6.93% at the end of last trading. The performance over the last five days has remained in the red territory. The rise to weekly highs of 4.29 on Tuesday, 05/23/23 increased the stock’s daily price by 12.35%. The company’s shares are currently up 200.80% year-to-date, but still down -4.08% over the last five days. On the other hand, Iris Energy Limited (NASDAQ:IREN) is -8.07% down in the 30-day period. We can see from the shorts that 1.05 million shares have been sold at a short interest cover period of 1.2 day(s).

The consensus price target as assigned by Wall Street analysts is $8.17, which translates to bulls needing to increase their stock price by 53.98% from its current value. Analyst projections state that IREN is forecast to be at a low of $5.00 and a high of $13.00. In order for the stock price to hit the forecast high, the stock would need to plunge -245.74% from its current level, while the stock would need to crash -32.98% from its current level to reach the projected low.

Iris Energy Limited (IREN) estimates and forecasts

Iris Energy Limited share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 98.94 percent over the past six months and at a 68.49% annual growth rate that is well above the industry average of -6.80%. The year-over-year growth rate is expected to be 26.30%, up from the previous year.

Consensus estimates provided by 7 financial analysts predict the company will bring in an average of $13.86 million in revenue for the current quarter. 7 analysts expect Iris Energy Limited to make $31.64 million in revenue for the quarter ending Jun 2023. The company’s sales for the same quarters a year ago were $15.18 million and $13.47 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -8.70%. Forecasts for the next quarter put sales growth at 134.90%.

IREN Dividends

Iris Energy Limited’s next quarterly earnings report is expected to be released around May 23 and May 24.

Iris Energy Limited (NASDAQ:IREN)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 23.97% of Iris Energy Limited shares, and 21.31% of them are in the hands of institutional investors. The stock currently has a share float of 28.02%. Iris Energy Limited stock is held by 34 institutions, with Platinum Investment Management Ltd being the largest institutional investor. By Mar 30, 2023, it held 4.98% of the shares, which is about 2.74 million shares worth $8.37 million.

Regal Partners Ltd., with 2.16% or 1.19 million shares worth $3.63 million as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

Exchange Traded Concepts Tr-Bitwise Crypto Industry Innovators ETF and VanEck ETF Trust-VanEck Digital Transformation ETF were the top two Mutual Funds as of Dec 30, 2022. The former held 0.71 million shares worth $0.89 million, making up 1.30% of all outstanding shares. On the other hand, VanEck ETF Trust-VanEck Digital Transformation ETF held roughly 0.42 million shares worth around $1.29 million, which represents about 0.77% of the total shares outstanding.

On Key

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