Iris Energy Ltd (NASDAQ: IREN) Stock Increased 29.58% Last Week – That’s Proof That Its Volatility Isn’t Going Anywhere

Iris Energy Ltd (NASDAQ:IREN) does about 13.20M shares in volume on a normal day but saw 20041053 shares change hands in Monday trading. The company now has a market cap of 2.12B USD. Its current market price is $14.63, marking a decrease of -2.66% compared to the previous close of $15.03. The 52 week high reached by this stock is $15.04 whilst the lowest price level in 52 weeks is $2.79.

Iris Energy Ltd (IREN) has a 20-day trading average at $13.06 and the current price is -2.73% off the 52-week high compared with 424.39% distance from its 52-week low. The 50-day simple moving average of the closing price is $9.00 and its 200-day simple moving average is $5.88. If we look at the stock’s price movements over the week, volatility stands at 13.34%, which decreases to 11.99% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 67.04 to suggest the stock is neutral.

The consensus objective for the share price is $14.93, suggesting that the stock has a potential upside of 2.01% over the period.

The company shares received a number of brokerage firm price updates over the past month, with the latest being on June 11, 2024 when Cantor Fitzgerald resumed the stock to “Overweight” and issued a price target of $23. JP Morgan upgraded the stock to “Overweight” from Neutral on October 11, 2023 at a price target of $6-$6.50. Cantor Fitzgerald upgraded its price target at $4-$7.

Iris Energy Ltd (IREN) stock is up 29.58% over the week and 61.48% over the past month. Its price is 104.62% year-to-date and 140.23% over the past year.

To reach the target analysts have set, the stock logically needs to grow 2.01 percent from here.

The forward price to earnings ratio is 13.02. The beta has a value of 3.52. Price to book ratio is 2.99.