Iris Energy Limited (NASDAQ:IREN) finished Wednesday with an addition of $0.34 to close at $5.84, an upside of 6.18 percent. An average of 1,049,576 shares of common stock have been traded in the last five days. There was a gain of $0.11 in the past week, and it reached a new high 6 times over the past 12 months. The last 20 days have seen an average of 1,198,214 shares traded, while the 50-day average volume stands at 1,448,134.
IREN stock has decreased by -16.09% in the last month. The company shares reached their 1-month lowest point of $5.11 on 08/07/23. With the stock rallying to its 52-week high on 07/19/23, shares of the company touched a low of $1.02 and a high of $8.06 in 52 weeks. It has reached a new high 24 times so far this year and achieved 367.20% or $4.59 in price. In spite of this, the price is down -27.54% from the 52-week high.
Top 5 AI Stocks to Buy for 2023
The artificial intelligence (AI) revolution is already here. And it's about to change everything we know about everything.
According to Grand View Research, the global AI boom could grow from about $137 billion in 2022 to more than $1.81 trillion by 2030. And investors like you always want to get in on the hottest stocks of tomorrow. Here are five of the best ways to profit from the AI boom.
Click Here to Download the FREE Report.
Sponsored
Valuation Metrics
Iris Energy Limited (IREN) stock’s beta is 2.14. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 5.67, the price-to-book (PB) ratio at 1.15.
Financial Health
The quick ratio of Iris Energy Limited for the three months ended December 30 was 0.50, and the current ratio was 0.50, indicating that the company is not able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.00 and a total debt to equity ratio of 0.38 for the quarter ending December 30. Iris Energy Limited’s EBITDA margin for the year ending December 30 is 13.89%. Its gross profit as reported stood at $0.47 million compared to revenue of $59.05 million.
Earnings Surprise
The analyst consensus anticipated Iris Energy Limited’s latest quarter earnings to come in at -$0.12 per share, but it turned out to be -$2.71, a -2,158.30% surprise. For the quarter, EBITDA amounted to -$21.67 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Iris Energy Limited (IREN) price momentum. RSI 9-day as of the close on 09 August was 46.16%, suggesting the stock is Neutral, with historical volatility in this time frame at 76.29%.
As of today, IREN’s price is $5.61 +1.83% or $0.11 from its 5-day moving average. IREN is currently trading -24.71% lower than its 20-day SMA and +95.81% higher than its 100-day SMA. However, the stock’s current price level is +58.13% above the SMA50 and +93.21% above the SMA200.
The stochastic %K and %D were 26.98% and 19.04%, respectively, and the average true range (ATR) was 0.54. With the 14-day stochastic at 36.45% and the average true range at 0.57, the RSI (14) stands at 48.61%. The stock has reached -0.16 on the 9-day MACD Oscillator while the 14-day reading was at -0.41.
Analyst Ratings
Cantor Fitzgerald upgraded Iris Energy Limited (NASDAQ: IREN) to a an Overweight rating in its most recent analyst report. Previously, the stock was rated as a Neutral. The consensus rating for Iris Energy Limited (IREN) among analysts is Buy. According to current brokerage recommendations, 0 brokerage firms advise that investors sell IREN, while 0 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 6 others rate it as a “buy”.
What is IREN’s price target for the next 12 months?
Analysts predict a range of price targets between $8.00 and $24.00, with a median target of $9.00. Taking a look at these predictions, the average price target given by analysts for Iris Energy Limited (IREN) stock is $11.33.
