IREN (NASDAQ:IREN) Trading Up 7.3% – Still a Buy?

IREN Limited (NASDAQ:IREN) shares shot up 7.3% on Friday . The stock traded as high as $44.75 and last traded at $44.68. Approximately 35,636,143 shares traded hands during trading, a decline of 17% from the average daily volume of 43,052,879 shares. The stock had previously closed at $41.65.

IREN News Roundup

Here are the key news stories impacting IREN this week:

• Positive Sentiment: $2.4 billion GPU financing supports AI expansion. Blue Owl led a 30-month financing package consisting of a $1.2 billion senior term loan and $1.2 billion of senior secured notes. The proceeds will fund Nvidia Blackwell Ultra infrastructure at IREN’s Mackenzie campus, with borrowings tied to equipment delivery and commissioning. Blue Owl leads $2.4 billion IREN GPU financing
• Positive Sentiment: Analysts see substantial upside. Bernstein analyst Gautam Chhugani reportedly expects IREN to reach a new all-time high, while other coverage suggested the stock could rally nearly 70% over the coming months. IREN Stock Could Rally by Nearly 70%
• Positive Sentiment: AI-cloud revenue momentum is accelerating. Citizens maintained an $80 price target as IREN’s AI-cloud revenue reportedly jumped 687%, supporting the view that AI infrastructure is becoming a larger growth driver and reducing the company’s reliance on Bitcoin mining. IREN’s AI Cloud Revenue Just Jumped 687%
• Positive Sentiment: Investor sentiment benefited from broader interest in AI and crypto infrastructure stocks. IREN was among data-center operators rising as Bitcoin stabilized, while market commentary highlighted institutional demand for its AI-cloud platform. Data Center Stocks Rally With Bitcoin
• Neutral Sentiment: The financing also highlights execution and valuation risks. The reported 9% coupon indicates that lenders require a relatively high return for GPU-backed infrastructure, potentially pressuring future cash flows despite enabling rapid capacity growth. IREN Climbs on GPU Financing
• Negative Sentiment: Investors remain exposed to significant leverage and AI-cycle risk. IREN recently reported a record loss, while OpenAI CEO Sam Altman warned that spending by some emerging “neocloud” companies may be unsustainable. These concerns could increase volatility if AI demand or GPU economics disappoint. Sam Altman Sees Unsustainable Silliness in AI Compute Spending

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IREN shares. Compass Point restated a “buy” rating and issued a $85.00 target price on shares of IREN in a research note on Friday, August 28th. Citigroup reissued a “market outperform” rating on shares of IREN in a report on Friday, August 28th. JPMorgan Chase & Co. boosted their price objective on IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research report on Monday, May 11th. Cantor Fitzgerald restated an “overweight” rating and set a $99.00 price objective on shares of IREN in a research note on Friday, August 28th. Finally, Weiss Ratings lowered IREN from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, IREN currently has an average rating of “Moderate Buy” and a consensus target price of $81.57.

IREN Trading Up 7.3%

The firm’s 50-day simple moving average is $40.06 and its 200 day simple moving average is $45.42. The stock has a market cap of $17.61 billion, a P/E ratio of -19.09 and a beta of 4.28. The company has a current ratio of 3.55, a quick ratio of 3.55 and a debt-to-equity ratio of 1.80.

Hedge Funds Weigh In On IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Situational Awareness LP increased its stake in IREN by 34.5% during the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after buying an additional 2,998,214 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of IREN in the first quarter valued at approximately $20,878,000. Triglav Investments D.O.O. bought a new position in shares of IREN in the first quarter valued at approximately $871,000. Pictet Asset Management Holding SA boosted its holdings in shares of IREN by 349.3% in the first quarter. Pictet Asset Management Holding SA now owns 127,835 shares of the company’s stock valued at $4,379,000 after acquiring an additional 99,384 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of IREN during the fourth quarter valued at approximately $939,000. 41.08% of the stock is owned by institutional investors.

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.