IREN (NASDAQ:IREN) Trading Down 1.4% – Here’s What Happened

IREN Limited (NASDAQ:IREN) shares dropped 1.4% during trading on Wednesday . The company traded as low as $48.83 and last traded at $53.48. Approximately 61,558,609 shares changed hands during mid-day trading, an increase of 46% from the average daily volume of 42,152,434 shares. The stock had previously closed at $54.26.

Key Stories Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Bull case: a Seeking Alpha analyst projects an 88% upside to ~$104 if IREN scales AI revenue to a $3.4B ARR and proves out capacity deployment in 2026 — the article frames 2026 as the “year of proof” that could re-rate the stock. IREN: 88% Upside Potential As AI Revenue Scales Toward $3.4 Billion ARR
• Positive Sentiment: Investor buy thesis: another Seeking Alpha piece compares IREN to “the Nvidia of data centers,” arguing the AI pivot and first-mover capacity buildout justify a wide DCF-based valuation range and that the current price is an attractive entry if scale and capital discipline continue. Why I Am Buying IREN, The Nvidia Of Data Centers, During This Market Correction
• Neutral Sentiment: Headline noise: a Finbold article highlights a U.S. politician selling IREN shares shortly before a ~40% run, raising governance and timing questions — this is reputational/flow risk rather than a direct operational concern, but it can amplify volatility and discourage new buyers. U.S. politician suspiciously dumped this stock just before 40% surge
• Negative Sentiment: Bear case: a separate Seeking Alpha note warns the “AI party is coming to an end,” arguing risks from slower AI demand, overbuilding, or execution shortfalls could quickly reverse the rally — this bearish framing likely pressured sentiment and triggered profit-taking. IREN: The AI Party Is Coming To An End

Analysts Set New Price Targets

A number of research analysts have issued reports on IREN shares. Citizens Jmp began coverage on IREN in a report on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 price target for the company. Wall Street Zen upgraded shares of IREN from a “sell” rating to a “hold” rating in a research note on Saturday. The Goldman Sachs Group began coverage on shares of IREN in a report on Thursday, December 18th. They set a “neutral” rating and a $39.00 price target on the stock. B. Riley reaffirmed a “buy” rating on shares of IREN in a report on Wednesday, October 22nd. Finally, Canaccord Genuity Group upped their price objective on shares of IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Thirteen 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. According to data from MarketBeat.com, IREN presently has a consensus rating of “Moderate Buy” and an average target price of $69.36.

IREN Price Performance

The company’s 50-day simple moving average is $45.17 and its 200-day simple moving average is $39.53. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. The company has a market capitalization of $15.16 billion, a PE ratio of 27.57 and a beta of 4.25.

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

Institutional Investors Weigh In On IREN

Several hedge funds have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd purchased a new stake in IREN in the 2nd quarter worth approximately $6,877,000. X Square Capital LLC boosted its holdings in shares of IREN by 129.9% during the second quarter. X Square Capital LLC now owns 435,951 shares of the company’s stock worth $6,352,000 after purchasing an additional 246,333 shares during the last quarter. Hood River Capital Management LLC purchased a new stake in shares of IREN in the second quarter valued at $74,228,000. Hartline Investment Corp purchased a new stake in shares of IREN in the second quarter valued at $228,000. Finally, SLT Holdings LLC acquired a new position in IREN in the second quarter valued at $146,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.