IREN (NASDAQ:IREN) Trading Up 2% – Time to Buy?

IREN Limited (NASDAQ:IREN)’s share price rose 2% during mid-day trading on Thursday . The company traded as high as $46.17 and last traded at $43.48. Approximately 46,022,887 shares traded hands during trading, an increase of 8% from the average session volume of 42,719,969 shares. The stock had previously closed at $42.62.

Key Headlines Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: JPMorgan turned more bullish, reportedly double-upgrading IREN and setting a $65 price target. The bank cited the company’s Nvidia partnership, accelerating AI-cloud momentum and the potential for stronger long-term earnings. IREN Stock Jumps 4% as JPMorgan Flips Bullish With $65 Target
• Positive Sentiment: AI infrastructure pricing is supporting the sector. Nebius’s reported 20% increase in rental prices for some Nvidia GPUs suggests that demand for scarce AI computing capacity remains strong and could improve pricing power and margins for neocloud operators such as IREN. Nebius Stock and IREN Gain. AI Neoclouds Are Flexing Their Pricing Power
• Positive Sentiment: Management continues to argue that AI-compute demand exceeds available supply, while IREN’s Nvidia-related partnership and shift toward AI cloud services provide a potential growth catalyst. IREN’s CEO Says Demand Is Strong, The Financials Says It’s Complicated
• Positive Sentiment: The stock also benefited from a broader market rebound following the Federal Reserve’s recent rate decision, lifting interest in high-growth technology and AI names. Why Is IREN Stock Surging Thursday?

Analyst Ratings Changes

IREN has been the topic of several research reports. Weiss Ratings cut IREN from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, August 31st. Canaccord Genuity Group restated a “buy” rating and issued a $79.00 target price on shares of IREN in a research note on Friday, August 28th. Citigroup restated a “market outperform” rating on shares of IREN in a report on Friday, August 28th. Jefferies Financial Group started coverage on IREN in a report on Thursday, June 18th. They issued a “buy” rating and a $79.00 target price on the stock. Finally, Freedom Capital upgraded shares of IREN from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $82.93.

IREN Stock Performance

The firm has a market cap of $17.14 billion, a PE ratio of -18.59 and a beta of 4.28. The company has a 50 day simple moving average of $40.31 and a 200-day simple moving average of $45.51. The company has a debt-to-equity ratio of 1.80, a current ratio of 3.55 and a quick ratio of 3.55.

Hedge Funds Weigh In On IREN

A number of large investors have recently bought and sold shares of the stock. Clearstead Trust LLC purchased a new position in shares of IREN in the fourth quarter valued at about $27,000. Motco purchased a new position in IREN during the 4th quarter valued at about $30,000. GAMMA Investing LLC boosted its position in shares of IREN by 177.5% in the 2nd quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock worth $32,000 after purchasing an additional 442 shares in the last quarter. Purpose Unlimited Inc. purchased a new stake in shares of IREN in the fourth quarter worth $34,000. Finally, Hollencrest Capital Management grew its position in IREN by 50.0% during the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company’s stock valued at $36,000 after purchasing an additional 350 shares during the last quarter. 41.08% of the stock is owned by hedge funds and other institutional investors.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on high-performance computing. The company develops and operates data centers powered by renewable energy and uses this infrastructure primarily for Bitcoin mining and, increasingly, artificial intelligence and other GPU-intensive cloud-computing applications.

IREN designs, builds and operates its own data centers, providing access to electrical power, computing hardware and related infrastructure.