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Iris Energy Limited (NASDAQ: IREN) Stock Forecast For 2023: Bullish Signs Point To $24.00 Per Share

In the last trading session, 1.15 million Iris Energy Limited (NASDAQ:IREN) shares changed hands as the company’s beta touched 2.17. With the company’s per share price at $4.76 changed hands at $0.27 or 6.01% during last session, the market valuation stood at $292.07M. IREN’s last price was a discount, traded about -69.33% off its 52-week high of $8.06. The share price had its 52-week low at $1.02, which suggests the last value was 78.57% up since then. When we look at Iris Energy Limited’s average trading volume, we note the 10-day average is 1.31 million shares, with the 3-month average coming to 1.53 million.

Analysts gave the Iris Energy Limited (IREN) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 1.90. If we narrow down to specifics, the data shows that 0 out of 7 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 1 recommended IREN as a Hold, 6 felt it is a Buy and 0 rated the stock as Underweight. Iris Energy Limited’s EPS for the current quarter is expected to be -$0.25.

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Iris Energy Limited (NASDAQ:IREN) trade information

Instantly IREN was in green as seen at the end of in last trading. With action 13.88%, the performance over the past five days has been green. The jump to weekly highs of 5.25 on Monday, 09/18/23 added 6.01% to the stock’s daily price. The company’s shares are showing year-to-date upside of 280.80%, with the 5-day performance at 13.88% in the green. However, in the 30-day time frame, Iris Energy Limited (NASDAQ:IREN) is 2.37% up. Looking at the short shares, we see there were 0.61 million shares sold at short interest cover period of 0.46 days.

The consensus price target for the stock as assigned by Wall Street analysts is $10.71, meaning bulls need an upside of 55.56% from its current market value. According to analyst projections, IREN’s forecast low is $6.00 with $24.00 as the target high. To hit the forecast high, the stock’s price needs a -404.2% plunge from its current level, while the stock would need to soar -26.05% for it to hit the projected low.

Iris Energy Limited (IREN) estimates and forecasts

Data shows that the Iris Energy Limited share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 59.73% over the past 6 months, a 99.68% in annual growth rate that is considerably higher than the industry average of -7.00%. Year-over-year growth is forecast to reach 29.30% up from the last financial year.

Consensus estimates given by 6 financial analysts project the company’s revenue in the current quarter to hit an average of $11.87 million. 6 analysts are of the opinion that Iris Energy Limited’s revenue for the quarter ending Jun 2023 will be $32.96 million. The company’s revenue for the corresponding quarters a year ago was $15.18 million and $13.47 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -21.80%. The estimates for the next quarter sales put growth at 144.70%.

The 2023 estimates are for Iris Energy Limited earnings to increase by 69.40%.

IREN Dividends

Iris Energy Limited is expected to release its next quarterly earnings report on September 13.

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

If we look at who the major shareholders are, we find that insiders hold 23.97% of Iris Energy Limited shares while 22.32% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 29.36%. There are 22.32% institutions holding the Iris Energy Limited stock share, with Platinum Investment Management Ltd the top institutional holder. As of Jun 29, 2023, the company held 3.92% of the shares, roughly 2.63 million IREN shares worth $12.53 million.

Millennium Management Llc holds the second largest percentage of outstanding shares, with 2.37% or 1.59 million shares worth $7.58 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Fidelity Strategic Advisors Small-Mid Cap Fund and Global X Fds-Global X Blockchain ETF. With 0.65 million shares estimated at $3.09 million under it, the former controlled 0.97% of total outstanding shares. On the other hand, Global X Fds-Global X Blockchain ETF held about 0.94% of the shares, roughly 0.63 million shares worth around $3.01 million.

On Key

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