IREN (NASDAQ:IREN) Trading 13.1% Higher Following Analyst Upgrade

IREN Limited (NASDAQ:IREN)’s stock price traded up 13.1% during trading on Monday after Freedom Capital upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $44.97 and last traded at $43.91. 53,427,584 shares were traded during mid-day trading, an increase of 27% from the average session volume of 42,234,801 shares. The stock had previously closed at $38.82.

A number of other research firms have also issued reports on IREN. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. B. Riley Financial increased their price target on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Jefferies Financial Group assumed coverage on shares of IREN in a research report on Thursday, June 18th. They issued a “buy” rating and a $79.00 price objective on the stock. The Goldman Sachs Group set a $50.00 price objective on shares of IREN in a research report on Wednesday, May 27th. Finally, BTIG Research raised their target price on shares of IREN to $80.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.36.

IREN News Summary

Here are the key news stories impacting IREN this week:

• Positive Sentiment: A recent analyst upgrade to Buy from Hold with a $58 price target helped revive sentiment, with the call arguing the pullback in IREN shares had created attractive upside. The same note highlighted expectations for major AI capacity expansion, including a large GPU rollout and meaningful recurring revenue potential. Article Title
• Positive Sentiment: Investor enthusiasm is also being supported by IREN’s growing visibility in AI infrastructure, including public ties to NVIDIA and recent hiring aimed at expanding its AI Cloud platform and data center footprint. Article Title
• Neutral Sentiment: One recent opinion piece argued IREN’s revenue is declining for reasons the market may be misunderstanding, suggesting the business mix is shifting rather than deteriorating outright. Article Title
• Negative Sentiment: IREN also saw pressure in pre-market trading after a broader selloff in neocloud names like CoreWeave and Nebius, showing that the stock remains sensitive to sector-wide risk sentiment. Article Title

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Miller Wealth Advisors LLC lifted its position in shares of IREN by 240.0% during the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after acquiring an additional 480 shares during the period. North Star Investment Management Corp. purchased a new position in IREN in the 4th quarter valued at approximately $26,000. Clearstead Trust LLC purchased a new position in IREN in the 4th quarter valued at approximately $27,000. Aventura Private Wealth LLC acquired a new position in IREN during the fourth quarter worth $28,000. Finally, Motco acquired a new position in IREN during the fourth quarter worth $30,000. 41.08% of the stock is currently owned by institutional investors and hedge funds.

IREN Stock Performance

The stock has a 50-day simple moving average of $54.34 and a 200 day simple moving average of $47.72. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The company has a market capitalization of $15.37 billion, a PE ratio of 89.60 and a beta of 4.27.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The firm had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. Equities analysts anticipate that IREN Limited will post -1.25 EPS for the current fiscal year.

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.