What's Going On With IREN Shares Monday?
IREN Limited (NASDAQ:IREN) shares are roughly flat Monday, with losses of more than 21% over the past month.
IREN shares are consolidating after recent moves. See what is driving the move here.
What To Know: On Nov. 6, the company reported first quarter financial results. Specifically, the company reported earnings per share of $1.08, beating the consensus estimate of 14 cents. In addition, the company reported sales of $240.29 million, beating the consensus estimate of $235.50 million.
Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.
- Cantor Fitzgerald analyst Brett Knoblauch maintained an Overweight rating on IREN and lowered the price target from $142 to $136.
- HC Wainwright & Co. analyst Mike Colonnese maintained a Sell rating on IREN and raised the price target from $45 to $56.
The consensus price target for IREN is $54.00, with the lowest price target at $10.00 and the highest price target at $136.00.
IREN Analysis: IREN is trading within its 52-week range of $5.12 to $76.87, reflecting significant volatility over the past year. Despite the slight increase, IREN has experienced a notable year-to-date performance of 343.6%, indicating strong investor interest and momentum in the stock.
Currently, IREN is trading approximately 11.7% below its 50-day moving average of $52.54, suggesting that the stock may be experiencing a short-term pullback after a strong rally. In contrast, it is trading approximately 110.8% above its 200-day moving average of $22.01, highlighting the long-term bullish trend that has characterized the stock’s performance. The relative strength index (RSI) stands at 39.14, indicating a neutral position, which may suggest that the stock is neither overbought nor oversold at this time.
Key support for IREN is identified at $44.95, which may provide a cushion against further declines. If the stock can hold above this level, it may set the stage for a potential rebound. Conversely, resistance is noted at $49.38, and a break above this level could signal renewed buying interest and possibly lead to a test of the psychological round number at $50.
In comparison to its peers, IREN stands out with a market capitalization of $13.14 billion, making it among the largest players in its sector. This positioning could attract institutional interest, particularly if the stock manages to regain momentum and break through resistance levels. Given the current setup, a decisive move above $49.38 could pave the way for further upside, while a drop below $44.95 would necessitate caution among investors.
See Also: Why Is HIVE Digital Technologies Stock Soaring Monday?
IREN Price Action: At the time of writing, IREN shares are trading 0.02% lower at $46.36, according to data from Benzinga Pro.
Image via Shutterstock