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

IREN Limited (NASDAQ:IREN - Get Free Report) saw unusually large options trading on Wednesday. Stock traders bought 170,464 call options on the company. This is an increase of approximately 84% compared to the typical daily volume of 92,661 call options.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on IREN. HC Wainwright cut their target price on IREN from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $23.00 price target on shares of IREN in a report on Friday, May 16th. B. Riley reaffirmed 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. Wall Street Zen raised IREN from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Macquarie raised their price target on IREN from $15.50 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, May 15th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $20.44.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Crewe Advisors LLC purchased a new position in IREN in the 1st quarter valued at $39,000. Quarry LP acquired a new position in shares of IREN during the 1st quarter valued at about $40,000. Main Management LLC purchased a new stake in shares of IREN during the 4th quarter worth about $49,000. Delta Financial Group Inc. purchased a new stake in shares of IREN during the 1st quarter worth about $61,000. Finally, R Squared Ltd boosted its holdings in IREN by 170.1% in the 1st quarter. R Squared Ltd now owns 10,290 shares of the company's stock worth $63,000 after acquiring an additional 6,480 shares during the period. Hedge funds and other institutional investors own 41.08% of the company's stock.

IREN Trading Up 2.4%

Shares of IREN opened at $18.59 on Wednesday. IREN has a 1-year low of $5.13 and a 1-year high of $21.54. The company has a 50-day moving average of $12.17 and a 200 day moving average of $9.79.

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). The business had revenue of $148.10 million for the quarter, compared to analyst estimates of $153.38 million. IREN had a negative net margin of 9.40% and a negative return on equity of 2.12%. Equities research analysts predict that IREN will post 0.43 EPS for the current 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.

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