Stock Traders Purchase High Volume of IREN Call Options (NASDAQ:IREN)

Key Points

• IREN Limited saw a significant increase in options trading, with traders purchasing 189,708 call options on Friday, a 60% rise compared to the average volume.
• The stock price of IREN rose by $2.82 during trading hours, reaching $25.86, with a notable trading volume of over 48 million shares.
• Analysts maintain a consensus rating of "Moderate Buy" for IREN, with a target price of $22.44, suggesting positive growth potential.

IREN Limited (NASDAQ:IREN - Get Free Report) saw some unusual options trading on Friday. Stock traders purchased 189,708 call options on the company. Thisisanincreaseof60% compared to the average daily volume of 118,931 call options.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. raised its position in shares of IREN by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company's stock valued at $66,000 after buying an additional 1,839 shares in the last quarter. Main Management LLC bought a new position in IREN during the 4th quarter worth $49,000. Crewe Advisors LLC acquired a new position in IREN in the 1st quarter valued at $39,000. Quarry LP bought a new stake in shares of IREN during the 1st quarter valued at $40,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of IREN by 1,059.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company's stock worth $82,000 after purchasing an additional 7,646 shares in the last quarter. 41.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. reissued a "neutral" rating and set a $16.00 target price (up from $12.00) on shares of IREN in a report on Monday, July 28th. Jones Trading reiterated a "hold" rating on shares of IREN in a report on Tuesday. Wall Street Zen raised shares of IREN from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. HC Wainwright lifted their target price on shares of IREN from $21.00 to $36.00 and gave the stock a "buy" rating in a report on Friday. Finally, Roth Capital reiterated a "buy" rating on shares of IREN in a research note on Friday. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, IREN has an average rating of "Moderate Buy" and an average target price of $29.88.

IREN Stock Performance

IREN stock traded up $2.63 during trading hours on Tuesday, hitting $29.11. 50,651,544 shares of the stock were exchanged, compared to its average volume of 19,613,115. IREN has a 12 month low of $5.13 and a 12 month high of $29.85. The company has a current ratio of 4.29, a quick ratio of 4.29 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $5.47 billion, a P/E ratio of 49.34 and a beta of 4.03. The company has a 50-day simple moving average of $17.96 and a two-hundred day simple moving average of $11.38.

IREN (NASDAQ:IREN - Get Free Report) last announced its earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.02. IREN had a net margin of 33.03% and a return on equity of 1.34%. The company had revenue of $187.30 million during the quarter, compared to analysts' expectations of $187.51 million. On average, analysts forecast that IREN will post 0.43 earnings per share for the current fiscal year.

IREN Company Profile

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.