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

IREN Limited (NASDAQ:IREN)’s share price traded up 13.1% 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. Approximately 53,427,584 shares changed hands during mid-day trading, an increase of 27% from the average daily volume of 42,234,801 shares. The stock had previously closed at $38.82.

Several other equities research analysts also recently commented on IREN. Weiss Ratings upgraded IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Jefferies Financial Group initiated coverage on shares of IREN in a report on Thursday, June 18th. They set a “buy” rating and a $79.00 price objective on the stock. B. Riley Financial boosted their target price on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. BTIG Research boosted their target price on shares of IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, HC Wainwright raised their price target on shares of IREN to $85.00 and gave the company a “buy” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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 Investors Weigh In On IREN

Several hedge funds and other institutional investors have recently modified their holdings of IREN. Invesco Ltd. lifted its stake in IREN by 45.9% in the 2nd quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after purchasing an additional 936,333 shares in the last quarter. StoneX Group Inc. bought a new position in shares of IREN in the second quarter worth approximately $158,000. NewEdge Advisors LLC increased its position in shares of IREN by 245.0% in the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after purchasing an additional 30,736 shares during the last quarter. Sei Investments Co. purchased a new stake in IREN in the second quarter valued at approximately $2,333,000. Finally, Peapack Gladstone Financial Corp raised its stake in IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after purchasing an additional 4,200 shares in the last quarter. 41.08% of the stock is currently owned by institutional investors.

IREN Trading Up 8.0%

The firm has a market capitalization of $15.37 billion, a P/E ratio of 89.60 and a beta of 4.27. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The firm’s 50-day simple moving average is $54.34 and its 200-day simple moving average is $47.72.

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

IREN Company Profile

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.