An Analysis Of Iris Energy Ltd (NASDAQ: IREN), And Its Business Forecast

In today’s recent session, 6.72 million shares of the Iris Energy Ltd (NASDAQ:IREN) have been traded, and its beta is 3.00. Most recently the company’s share price was $6.03, and it changed around -$0.44 or -6.88% from the last close, which brings the market valuation of the company to $650.34M. IREN at last check was trading at a discount to its 52-week high of $9.69, offering almost -60.7% off that amount. The share price’s 52-week low was $2.70, which indicates that the recent value has risen by an impressive 55.22% since then. We note from Iris Energy Ltd’s average daily trading volume that its 10-day average is 12.82 million shares, with the 3-month average coming to 9.09 million.

Iris Energy Ltd (NASDAQ:IREN) trade information

Instantly IREN has been showing red trend so far today with a performance of -6.88% on intraday trading today. The performance over the last five days has remained in the green territory. The company’s shares are currently down -15.73% year-to-date, but still up 7.97% over the last five days. On the other hand, Iris Energy Ltd (NASDAQ:IREN) is 0.58% up in the 30-day period. We can see from the shorts that 1.02 million shares have been sold at a short interest cover period of 0.1 day(s).

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The consensus price target as assigned by Wall Street analysts is $7, which translates to bulls needing to increase their stock price by 13.86% from its current value. Analyst projections state that IREN is forecast to be at a low of $6 and a high of $8.

Iris Energy Ltd (IREN) estimates and forecasts

Iris Energy Ltd 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 62.40 percent over the past six months and at a 99.68% annual growth rate that is well above the industry average of 12.50%. The year-over-year growth rate is expected to be 27.90%, up from the previous year.

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

Upon looking at major shareholders, it appears that insiders hold 11.76% of Iris Energy Ltd shares, and 21.88% of them are in the hands of institutional investors. The stock currently has a share float of 24.79%. Iris Energy Ltd stock is held by 82 institutions, with Platinum Investment Management Ltd being the largest institutional investor. By Jun 29, 2023, it held 3.92% of the shares, which is about 2.63 million shares worth $12.27 million.

Millennium Management Llc, with 2.37% or 1.59 million shares worth $7.42 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Fidelity Strategic Advisors Small-Mid Cap Fund and Global X Fds-Global X Blockchain ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 0.65 million shares worth $3.02 million, making up 0.97% of all outstanding shares. On the other hand, Global X Fds-Global X Blockchain ETF held roughly 0.61 million shares worth around $2.26 million, which represents about 0.91% of the total shares outstanding.