IREN Ltd (NASDAQ:IREN) price on Thursday, February 27, fall -7.42% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $7.86.
A look at the stock’s price movement, the close in the last trading session was $8.49. Turning to its 52-week performance, $15.92 and $4.15 were the 52-week high and 52-week low respectively. Overall, IREN moved -22.02% over the past month.
IREN Ltd’s market cap currently stands at around $1.71 billion, with investors looking forward to this quarter’s earnings report slated for in March.
Analysts have a consensus estimate of 171.21M for the company’s revenue for the quarter, with a low and high estimate of 154M and 196.88M respectively. The average forecast suggests up to a 215.02% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 556.4M, representing a 194.77% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that IREN is a Hold. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in 50% Sell category.
7 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 1 analyst(s) rate the stock as a Hold, 6 recommend IREN as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
IREN’s current price about -30.41% and -30.81% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 28.89, while 7-day volatility ratio is 13.14% and 8.75% in the 30-day chart. Further, IREN Ltd (IREN) has a beta value of 3.64, and an average true range (ATR) of 1.08. Analysts have given the company’s stock an average 52-week price target of $13.75, forecast between a low of $12 and high of $16. Looking at the price targets, the low is -52.67% off current price level while to achieve the yearly target high, price needs to move -103.56%. Nonetheless, investors will most likely welcome a -74.94% jump to $13.75 which is the analysts’ median price.
If we refocus on IREN Ltd (NASDAQ:IREN), historical trading data shows that trading volumes averaged 16.83 million over the past 3 months. The company’s latest data on shares outstanding shows there are 213.50 million shares.
The 8.09% of IREN Ltd’s shares are in the hands of company insiders while institutional holders own 48.37% of the company’s shares. Current price change has pushed the stock -19.96% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the IREN stock continues to rise going into the next quarter.
