IREN (NASDAQ:IREN) Trading 11.2% Higher – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s stock price traded up 11.2% during mid-day trading on Friday . The company traded as high as $58.75 and last traded at $57.7180. 53,571,061 shares changed hands during trading, an increase of 34% from the average session volume of 40,043,859 shares. The stock had previously closed at $51.89.

Key Stories Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: HC Wainwright upgraded IREN to a “Buy” with an $80 price target; the upgrade and associated investor notes helped lift sentiment and trading interest. HC Wainwright Upgrades IREN to Buy
• Positive Sentiment: Zacks highlights IREN’s vertically integrated AI cloud (noting an 85% EBITDA Microsoft deal, lower power costs and improving margins) — this underpins a path to higher profitability and supports a re-rating if execution continues. Can IREN’s Vertically Integrated AI Cloud Platform Lift Profitability?
• Positive Sentiment: Multiple outlet pieces (Zacks, MarketBeat) put IREN among AI/GPU infrastructure names gaining momentum, reinforcing the narrative that IREN is a beneficiary of rising GPU-as-a-service demand. 3 Beaten Down AI Stocks Gaining Momentum (IREN, NBIS, CRWV)
• Positive Sentiment: Social and retail interest spiked — IREN topped X’s most-searched cashtags, signaling higher retail/institutional attention that can amplify moves on positive news. Bitcoin miner IREN tops X’s most searched cashtags
• Neutral Sentiment: MarketBeat ranked IREN among the top GPU-as-a-service providers for 2026 but noted it’s “not the best” — owns data centers and has hyperscaler deals, yet client concentration and competition are concerns (mixed implication). The 5 Best GPU-as-a-Service Providers for 2026—And 1 Clear Winner
• Positive Sentiment: Coverage comparing IREN to peers (e.g., HUT 8) emphasizes IREN’s renewable-powered, vertically integrated platform and AI focus as differentiation during BTC volatility — a strategic narrative supportive of longer-term upside. IREN or HUT: Which Bitcoin Infrastructure Stock Should You Bet On?
• Negative Sentiment: HC Wainwright’s models show mixed near-term revisions — several Q2–Q4 2026 estimates and FY2026 were trimmed (increasing near-term EPS risk), even as FY2027 estimates were improved. That divergence highlights execution and timing risk for profitability. MarketBeat IREN coverage (HC Wainwright estimates)
• Positive Sentiment: Local/foreign press pieces note a strategic shift from pure bitcoin mining toward AI infrastructure — if sustained, this re-positioning could command higher multiples tied to AI demand vs. cyclical BTC exposure. Iren’s Strategic Shift: From Bitcoin Mining to AI Infrastructure

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. UBS Group reaffirmed a “buy” rating on shares of IREN in a research note on Friday, November 7th. Citigroup started coverage on shares of IREN in a report on Wednesday, November 19th. They set an “outperform” rating for the company. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $75.00 price target on shares of IREN in a report on Thursday, September 25th. B. Riley reiterated a “buy” rating on shares of IREN in a research report on Wednesday, October 22nd. Finally, Roth Capital set a $94.00 target price on IREN and gave the stock a “buy” rating in a report on Monday, November 3rd. Thirteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $69.36.

IREN Stock Performance

The firm’s 50 day simple moving average is $45.37 and its 200-day simple moving average is $38.35. The company has a market capitalization of $16.36 billion, a price-to-earnings ratio of 29.75 and a beta of 4.25. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.48). The business had revenue of $240.30 million for the quarter, compared to analysts’ expectations of $244.60 million. IREN had a net margin of 86.96% and a negative return on equity of 3.60%. The company’s revenue for the quarter was up 28.3% compared to the same quarter last year. Analysts expect that IREN Limited will post 0.43 EPS for the current year.

Institutional Investors Weigh In On IREN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IREN. Formidable Asset Management LLC boosted its stake in shares of IREN by 24.4% during the 4th quarter. Formidable Asset Management LLC now owns 31,536 shares of the company’s stock valued at $1,191,000 after buying an additional 6,186 shares during the period. Lodestone Wealth Management LLC purchased a new stake in shares of IREN during the fourth quarter worth $57,000. Spire Wealth Management boosted its position in IREN by 25.8% during the fourth quarter. Spire Wealth Management now owns 8,655 shares of the company’s stock valued at $327,000 after purchasing an additional 1,775 shares during the last quarter. Avaii Wealth Management LLC grew its stake in IREN by 208.9% in the fourth quarter. Avaii Wealth Management LLC now owns 145,767 shares of the company’s stock valued at $5,506,000 after purchasing an additional 98,581 shares in the last quarter. Finally, Benin Management CORP acquired a new position in IREN in the 4th quarter worth about $211,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

About IREN

IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.