Stock Traders Buy Large Volume of Call Options on IREN (NASDAQ:IREN)

Key Points

• IREN Limited experienced a significant increase in call options trading, with 163,985 call options purchased, marking a 62% rise from its average daily volume.
• Several hedge funds have altered their positions in IREN, including JPMorgan acquiring a new stake valued at $587,000 and Wells Fargo increasing its stake by 54.7%.
• Analysts maintain a positive outlook on IREN, with three reporting a hold rating, eight a buy rating, and an average price target of $20.89.

IREN Limited (NASDAQ:IREN - Get Free Report) was the target of unusually large options trading on Thursday. Stock traders bought 163,985 call options on the stock. Thisrepresentsanincreaseof62% compared to the average daily volume of 101,018 call options.

Hedge Funds Weigh In On IREN

A number of hedge funds and other institutional investors have recently made changes to their positions in IREN. Situational Awareness LP purchased a new stake in shares of IREN during the 1st quarter worth approximately $20,500,000. Two Sigma Investments LP raised its position in shares of IREN by 193.2% during the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company's stock worth $15,738,000 after purchasing an additional 1,056,005 shares during the last quarter. Regal Partners Ltd raised its holdings in IREN by 93.9% in the 4th quarter. Regal Partners Ltd now owns 1,697,554 shares of the company's stock valued at $16,670,000 after acquiring an additional 822,251 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in IREN in the 2nd quarter valued at $10,743,000. Finally, D. E. Shaw & Co. Inc. acquired a new position in IREN in the 4th quarter valued at $7,162,000. Hedge funds and other institutional investors own 41.08% of the company's stock.

IREN Stock Performance

Shares of IREN stock traded down $0.12 during mid-day trading on Friday, hitting $18.45. 12,804,348 shares of the stock were exchanged, compared to its average volume of 27,086,684. The stock's fifty day simple moving average is $14.38 and its two-hundred day simple moving average is $10.33. IREN has a 12-month low of $5.13 and a 12-month high of $21.54.

IREN (NASDAQ:IREN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.06). The firm had revenue of $148.10 million for the quarter, compared to analysts' expectations of $153.38 million. IREN had a negative return on equity of 2.12% and a negative net margin of 9.40%. Analysts predict that IREN will post 0.43 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on IREN shares. Canaccord Genuity Group reiterated a "buy" rating and issued a $23.00 price objective on shares of IREN in a research note on Friday, May 16th. HC Wainwright reduced their price objective on IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $16.00 price objective (up from $12.00) on shares of IREN in a research note on Monday, July 28th. B. Riley reiterated a "buy" rating and issued a $22.00 price objective (up from $15.00) on shares of IREN in a research note on Thursday, July 10th. Finally, Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $20.89.

About IREN

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