IREN Ltd (NASDAQ:IREN) price on Thursday, May 22, rose 4.39% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $9.28.
A look at the stock’s price movement, the close in the last trading session was $8.89. Turning to its 52-week performance, $15.92 and $5.12 were the 52-week high and 52-week low respectively. Overall, IREN moved 52.13% over the past month.
IREN Ltd’s market cap currently stands at around $2.24 billion, with investors looking forward to this quarter’s earnings report slated for in June.
Analysts have a consensus estimate of 171.95M for the company’s revenue for the quarter, with a low and high estimate of 122.09M and 205.8M respectively. The average forecast suggests up to a 199.37% 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 494.84M, representing a 162.16% 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% Sell as suggested by medium term indicators while long term indicators are putting the stock in Hold 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 26.71% and 38.03% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 75.29, while 7-day volatility ratio is 1.58% and 3.78% in the 30-day chart. Further, IREN Ltd (IREN) has a beta value of 3.80, and an average true range (ATR) of 0.57. Analysts have given the company’s stock an average 52-week price target of $20, forecast between a low of $20 and high of $20. Looking at the price targets, the low is -115.52% off current price level while to achieve the yearly target high, price needs to move -115.52%. Nonetheless, investors will most likely welcome a -115.52% jump to $20 which is the analysts’ median price.
If we refocus on IREN Ltd (NASDAQ:IREN), historical trading data shows that trading volumes averaged 14.84 million over the past 3 months. The company’s latest data on shares outstanding shows there are 240.97 million shares.
The 5.49% of IREN Ltd’s shares are in the hands of company insiders while institutional holders own 51.47% of the company’s shares. Current price change has pushed the stock -5.50% 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.
