IREN (NASDAQ:IREN) Shares Gap Up – Time to Buy?

IREN Limited (NASDAQ:IREN)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $33.78, but opened at $35.66. IREN shares last traded at $35.5090, with a volume of 6,905,997 shares.

Key IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Major contract & capital raise bolster growth outlook — Seeking Alpha highlights a potential $9.7 billion Microsoft contract, IREN’s target of ~$3.4B ARR by 2026 while using only a fraction of its power pipeline, and a recent $4B capital raise to fund GPUs and buildout. These are clear catalysts supporting revenue visibility and execution of AI data-center demand. IREN: Big Contract Catalyst
• Positive Sentiment: Analyst upgrade reduces near-term downside risk — Zacks moved IREN from “strong sell” to “hold,” which may help stabilize investor sentiment after recent volatility and supports the stock’s recovery narrative. Zacks upgrade coverage
• Neutral Sentiment: Goldman Sachs starts coverage with a neutral rating and $39 PT — initiation is not a buy and implies limited upside from current levels, so it likely tempers some of the upside from operational catalysts without adding fresh conviction. Goldman Sachs initiation
• Negative Sentiment: Analyst omission drove near-term selling pressure — A broader data-center analyst report named two preferred buys and left IREN off the top picks list, contributing to recent weakness as momentum players rotated to favorites. This explains some of the intraweek clobbering noted in coverage. Why Iren Stock Was Getting Clobbered This Week

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Cantor Fitzgerald boosted their price objective on IREN from $27.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, August 29th. Arete Research assumed coverage on shares of IREN in a report on Wednesday, September 24th. They set a “buy” rating and a $78.00 price target on the stock. Compass Point reaffirmed a “buy” rating and issued a $105.00 price objective on shares of IREN in a research note on Friday, November 7th. Citigroup started coverage on shares of IREN in a research note on Wednesday, November 19th. They set an “outperform” rating on the stock. Finally, Citizens Jmp began coverage on IREN in a report on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 target price for the company. Twelve analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, IREN currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.64.

IREN Trading Up 11.5%

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 stock has a market cap of $11.32 billion, a price-to-earnings ratio of 20.58 and a beta of 4.23. The company’s 50 day simple moving average is $52.41 and its two-hundred day simple moving average is $33.89.

Institutional Trading of IREN

Several hedge funds and other institutional investors have recently modified their holdings of IREN. Charles Schwab Investment Management Inc. grew its stake in IREN by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 809,080 shares of the company’s stock valued at $4,927,000 after purchasing an additional 98,190 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of IREN by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 13,212 shares of the company’s stock worth $80,000 after purchasing an additional 1,387 shares in the last quarter. CW Advisors LLC acquired a new stake in shares of IREN during the 1st quarter valued at about $122,000. Aurelius Capital Management LP bought a new stake in shares of IREN in the 1st quarter valued at approximately $311,000. Finally, Ieq Capital LLC bought a new position in IREN during the first quarter valued at approximately $2,876,000. 41.08% of the stock is currently owned by hedge funds and other 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.