We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
IREN Limited (IREN) Soars 19.6%: Is Further Upside Left in the Stock?
Read MoreHide Full Article
IREN Limited (IREN - Free Report) shares ended the last trading session 19.6% higher at $40.2. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 43.9% loss over the past four weeks.
The increased investor optimism in the stock can be attributed to the announcement of $2.8 billion in new multi-year AI cloud contracts as part of its effort to shift from Bitcoin mining to AI infrastructure.
This company is expected to post quarterly loss of $0.32 per share in its upcoming report, which represents a year-over-year change of -500%. Revenues are expected to be $175.19 million, down 6.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For IREN Limited, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IREN going forward to see if this recent jump can turn into more strength down the road.
IREN Limited is a member of the Zacks Financial - Miscellaneous Services industry. One other stock in the same industry, StepStone Group Inc. (STEP - Free Report) , finished the last trading session 3% lower at $42.25. STEP has returned -3.7% over the past month.
For StepStone Group, the consensus EPS estimate for the upcoming report has changed -3.7% over the past month to $0.52. This represents a change of +30% from what the company reported a year ago. StepStone Group currently has a Zacks Rank of #3 (Hold).
View the Zacks #1 Rank List
Image: Bigstock
IREN Limited (IREN) Soars 19.6%: Is Further Upside Left in the Stock?
IREN Limited (IREN - Free Report) shares ended the last trading session 19.6% higher at $40.2. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 43.9% loss over the past four weeks.
The increased investor optimism in the stock can be attributed to the announcement of $2.8 billion in new multi-year AI cloud contracts as part of its effort to shift from Bitcoin mining to AI infrastructure.
This company is expected to post quarterly loss of $0.32 per share in its upcoming report, which represents a year-over-year change of -500%. Revenues are expected to be $175.19 million, down 6.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For IREN Limited, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IREN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
IREN Limited is a member of the Zacks Financial - Miscellaneous Services industry. One other stock in the same industry, StepStone Group Inc. (STEP - Free Report) , finished the last trading session 3% lower at $42.25. STEP has returned -3.7% over the past month.
For StepStone Group, the consensus EPS estimate for the upcoming report has changed -3.7% over the past month to $0.52. This represents a change of +30% from what the company reported a year ago. StepStone Group currently has a Zacks Rank of #3 (Hold).