IREN Sees Unusually High Options Volume (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. Traders bought 163,985 call options on the company. Thisisanincreaseofapproximately62% compared to the typical volume of 101,018 call options.

IREN Trading Up 1.4%

Shares of NASDAQ:IREN traded up $0.25 during midday trading on Thursday, hitting $18.57. The company had a trading volume of 21,168,706 shares, compared to its average volume of 27,173,274. IREN has a 12-month low of $5.13 and a 12-month high of $21.54. The company has a fifty day moving average of $14.18 and a two-hundred day moving average of $10.29.

IREN (NASDAQ:IREN - Get Free Report) last posted 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 return on equity of 2.12% and a negative net margin of 9.40%. The company had revenue of $148.10 million during the quarter, compared to the consensus estimate of $153.38 million. Sell-side analysts forecast that IREN will post 0.43 EPS for the current year.

Institutional Investors Weigh In On IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Main Management LLC bought a new position in shares of IREN in the fourth quarter worth approximately $49,000. Crewe Advisors LLC purchased a new position in shares of IREN during the 1st quarter valued at $39,000. Quarry LP bought a new position in IREN in the 1st quarter worth $40,000. Tower Research Capital LLC TRC increased its stake in IREN by 1,059.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock worth $82,000 after buying an additional 7,646 shares in the last quarter. Finally, Delta Financial Group Inc. purchased a new stake in IREN in the 1st quarter worth $61,000. Institutional investors own 41.08% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on IREN shares. Wall Street Zen upgraded IREN from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Canaccord Genuity Group reissued a "buy" rating and set a $23.00 price objective on shares of IREN in a report on Friday, May 16th. Macquarie increased their price objective on shares of IREN from $15.50 to $20.00 and gave the company an "outperform" rating in a research report on Thursday, May 15th. HC Wainwright cut their target price on shares of IREN from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Finally, B. Riley reissued a "buy" rating and set a $22.00 price target (up from $15.00) on shares of IREN in a report on Thursday, July 10th. Three equities research analysts have rated the stock with a hold rating, eight have assigned 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 an average 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.