Market Analysts see Iris Energy Ltd [IREN] gaining to $6.50. Time to buy?

Iris Energy Ltd [NASDAQ: IREN] traded at a high on Monday, posting a 10.50 gain after which it closed the day’ session at $5.58. The company report on March 6, 2024 at 6:17 AM that IREN Announces Monthly Investor Update for February 2024.

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The results of the trading session contributed to over 12447949 shares changing hands. Over the past one week, the price volatility of Iris Energy Ltd stands at 13.65% while the volatility over the past one month is 11.40%.

The market cap for IREN stock reached $613.24 million, with 109.90 million shares outstanding and 93.06 million shares in the current float. Compared to the average trading volume of 8.53M shares, IREN reached a trading volume of 12447949 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Iris Energy Ltd [IREN]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IREN shares is $11.07 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IREN stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for Iris Energy Ltd shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on October 11, 2023. While these analysts kept the previous recommendation, Cantor Fitzgerald raised their target price from $4 to $7. The new note on the price target was released on May 12, 2023, representing the official price target for Iris Energy Ltd stock. Previously, the target price had yet another raise to $4, while B. Riley Securities analysts kept a Buy rating on IREN stock. On February 16, 2023, analysts increased their price target for IREN shares from 3 to 8.

The Average True Range (ATR) for Iris Energy Ltd is set at 0.63 The Price to Book ratio for the last quarter was 0.95, with the Price to Cash per share for the same quarter was set at 0.82.

How has IREN stock performed recently?

Iris Energy Ltd [IREN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 21.04. With this latest performance, IREN shares dropped by -9.71% in over the last four-week period, additionally plugging by 45.69% over the last 6 months – not to mention a rise of 74.37% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IREN stock in for the last two-week period is set at 52.23, with the RSI for the last a single of trading hit 55.22, and the three-weeks RSI is set at 51.22 for Iris Energy Ltd [IREN]. The present Moving Average for the last 50 days of trading for this stock 5.27, while it was recorded at 5.29 for the last single week of trading, and 4.93 for the last 200 days.

Iris Energy Ltd [IREN]: Deeper insight into the fundamentals

Iris Energy Ltd’s liquidity data is similarly interesting compelling, with a Current Ratio set at 3.38.

Insider trade positions for Iris Energy Ltd [IREN]

The top three institutional holders of IREN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in IREN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in IREN stock with ownership which is approximately 5.8325%.