IREN Target of Unusually High Options Trading (NASDAQ:IREN)

IREN Limited (NASDAQ:IREN - Get Free Report) was the target of unusually large options trading activity on Tuesday. Traders acquired 145,126 call options on the company. This is an increase of 87% compared to the typical daily volume of 77,645 call options.

Hedge Funds Weigh In On IREN

Several hedge funds and other institutional investors have recently modified their holdings of IREN. HM Payson & Co. acquired a new position in IREN during the fourth quarter valued at approximately $30,000. Crewe Advisors LLC purchased a new stake in IREN during the 1st quarter worth $39,000. Quarry LP acquired a new stake in shares of IREN in the first quarter valued at about $40,000. Main Management LLC purchased a new stake in shares of IREN during the fourth quarter valued at approximately $49,000. Finally, Delta Financial Group Inc. acquired a new position in IREN in the 1st quarter worth $61,000. 41.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on IREN. Macquarie boosted their price objective on shares of IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, May 15th. B. Riley reissued a "buy" rating and set a $22.00 price target (up previously from $15.00) on shares of IREN in a research note on Thursday. HC Wainwright dropped their price objective on IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. Canaccord Genuity Group reiterated a "buy" rating and set a $23.00 target price on shares of IREN in a research report on Friday, May 16th. Finally, Wall Street Zen lowered IREN from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, IREN has a consensus rating of "Moderate Buy" and an average price target of $20.44.

IREN Trading Down 4.7%

Shares of NASDAQ IREN traded down $0.80 on Friday, reaching $16.23. 23,452,451 shares of the company traded hands, compared to its average volume of 16,879,767. IREN has a fifty-two week low of $5.13 and a fifty-two week high of $18.54. The company has a 50 day moving average of $10.47 and a 200 day moving average of $9.43.

IREN (NASDAQ:IREN - Get Free Report) last announced its quarterly 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 company had revenue of $148.10 million during the quarter, compared to analyst estimates of $153.38 million. As a group, equities analysts predict that IREN will post 0.43 earnings per share for the current year.

IREN Company Profile

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