IREN Sees Unusually Large Options Volume (NASDAQ:IREN)

IREN Limited (NASDAQ:IREN) saw unusually large options trading on Monday. Stock traders acquired 113,283 call options on the stock. This is an increase of approximately 73% compared to the average daily volume of 65,446 call options.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in IREN by 11.7% in the first quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock valued at $80,000 after acquiring an additional 1,387 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of IREN by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,268 shares of the company’s stock worth $123,000 after purchasing an additional 2,035 shares in the last quarter. HM Payson & Co. acquired a new position in shares of IREN during the fourth quarter worth about $30,000. TRU Independence Asset Management 2 LLC lifted its stake in shares of IREN by 22.1% during the first quarter. TRU Independence Asset Management 2 LLC now owns 20,241 shares of the company’s stock worth $123,000 after purchasing an additional 3,670 shares in the last quarter. Finally, Belpointe Asset Management LLC lifted its stake in shares of IREN by 21.8% during the first quarter. Belpointe Asset Management LLC now owns 24,974 shares of the company’s stock worth $152,000 after purchasing an additional 4,465 shares in the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

Analyst Ratings Changes

IREN has been the topic of several analyst reports. Macquarie raised their price objective on IREN from $15.50 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, May 15th. Wall Street Zen cut IREN from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Canaccord Genuity Group restated a “buy” rating and set a $23.00 price objective on shares of IREN in a report on Friday, May 16th. JPMorgan Chase & Co. upgraded IREN from a “neutral” rating to an “overweight” rating and decreased their price objective for the stock from $15.00 to $12.00 in a report on Thursday, March 13th. Finally, B. Riley raised their price objective on IREN from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, IREN currently has an average rating of “Moderate Buy” and a consensus price target of $20.30.

IREN Trading Up 8.3%

Shares of IREN stock opened at $11.54 on Wednesday. IREN has a twelve month low of $5.13 and a twelve month high of $15.92. The business’s fifty day moving average price is $8.20 and its 200 day moving average price is $9.19.

IREN (NASDAQ:IREN) last issued its earnings results on Wednesday, May 14th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.06). IREN had a negative net margin of 9.40% and a negative return on equity of 2.12%. The firm had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. On average, research analysts predict that IREN will post 0.43 earnings per share for the current fiscal year.

About IREN

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.