IREN Sees Unusually High Options Volume (NASDAQ:IREN)

IREN Limited (NASDAQ:IREN - Get Free Report) was the target of some unusual options trading activity on Monday. Investors bought 113,283 call options on the company. This is an increase of 73% compared to the typical volume of 65,446 call options.

Institutional Investors Weigh In On IREN

Institutional investors have recently modified their holdings of the company. Belpointe Asset Management LLC increased its stake in IREN by 21.8% in the 1st quarter. Belpointe Asset Management LLC now owns 24,974 shares of the company's stock valued at $152,000 after purchasing an additional 4,465 shares in the last quarter. Clearline Capital LP acquired a new stake in IREN in the first quarter valued at $178,000. PharVision Advisers LLC acquired a new stake in IREN in the first quarter valued at $126,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of IREN by 14.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 987,466 shares of the company's stock valued at $6,014,000 after buying an additional 122,668 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of IREN during the 1st quarter worth $40,000. Hedge funds and other institutional investors own 41.08% of the company's stock.

IREN Price Performance

Shares of NASDAQ IREN traded up $1.24 during trading on Thursday, hitting $13.11. 33,962,522 shares of the company were exchanged, compared to its average volume of 16,182,230. IREN has a 1 year low of $5.13 and a 1 year high of $15.92. The firm's fifty day moving average price is $8.47 and its 200 day moving average price is $9.20.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 EPS for the quarter, missing the consensus estimate 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 company had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. Analysts forecast that IREN will post 0.43 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised IREN from a "neutral" rating to an "overweight" rating and lowered their price target for the stock from $15.00 to $12.00 in a report on Thursday, March 13th. Macquarie increased their price objective on IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. B. Riley boosted their target price on IREN from $14.00 to $15.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Canaccord Genuity Group restated a "buy" rating and set a $23.00 price target on shares of IREN in a research note on Friday, May 16th. Finally, Wall Street Zen lowered shares of IREN from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $20.30.

About IREN

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