IREN Stock Summary and Trading Ideas (Iris Energy Limited - | NASDAQ:IREN)

Iris Energy Ltd is a Bitcoin mining company. It builds, owns, and operates data centers and electrical infrastructure for the mining of Bitcoin powered by renewable energy. The company's mining operations generate revenue by earning Bitcoin through a combination of block rewards and transaction fees from the operation of its specialized computers called Application-specific Integrated Circuits and exchanging these Bitcoin for currencies such as USD or CAD on a daily basis.

Iris Energy Limited - trades on the NASDAQ stock market under the symbol IREN.

As of November 18, 2024, IREN stock price declined to $10.25 with 11,552,326 million shares trading.

IREN has a beta of 3.31, meaning it tends to be more sensitive to market movements. IREN has a correlation of 0.11 to the broad based SPY ETF.

IREN has a market cap of $1.92 billion. This is considered a Small Cap stock.

The top ETF exchange traded funds that IREN belongs to (by Net Assets): WGMI, BKCH, BITQ, DAPP, FDIG.

IREN has outperformed the market in the last year with a price return of +229.6% while the SPY ETF gained +32.4%. IREN has also outperformed the stock market ETF in the last 3 month and 2 week periods returning +37.2% and +13.3%, respectively, while the SPY returned +6.7% and +3.0%, respectively.

IREN support price is $9.84 and resistance is $11.50 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that IREN shares will trade within this expected range on the day.