IREN (NASDAQ:IREN) Shares Up 2.4% – Time to Buy?

IREN Limited (NASDAQ:IREN)’s share price was up 2.4% on Thursday . The stock traded as high as $41.52 and last traded at $40.53. 40,612,539 shares were traded during mid-day trading, a decline of 5% from the average daily volume of 42,818,500 shares. The stock had previously closed at $39.58.

Key Headlines Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Strong results and guidance from Nvidia helped lift neocloud shares, including IREN, by reinforcing investor confidence in demand for AI infrastructure. IREN stock jumps ahead of earnings as neoclouds cheer Nvidia’s results
• Positive Sentiment: IREN reportedly handed Microsoft its first live AI workload, a milestone that supports the company’s transition from Bitcoin mining toward AI cloud services. Investors will focus on whether this relationship can expand into recurring, material revenue. IREN Hands Microsoft Its First Live AI Workload
• Positive Sentiment: Analyst estimates include an $83 consensus price target, substantially above recent trading levels, reflecting longer-term enthusiasm about IREN’s AI buildout and revenue potential. IREN Limited Receives $83 Consensus Price Target
• Neutral Sentiment: Key earnings issues include progress toward the company’s roughly $4 billion revenue target, AI cloud capacity and customer commitments, funding needs, and management’s outlook for growth. IREN Reports Q4 Earnings Today
• Negative Sentiment: J.P. Morgan maintained its Sell rating, while bearish coverage highlights IREN’s premium valuation, execution risk, and the possibility that AI expansion will take time to generate durable profits. J.P. Morgan Keeps Its Sell Rating on IREN
• Negative Sentiment: Falling Bitcoin-mining revenue, potential impairments, and a prior earnings miss are adding downside risk before the results. Traders also reduced exposure to IREN and other AI-hosting companies ahead of the announcement. IREN to Report Q4 Earnings

Wall Street Analysts Forecast Growth

IREN has been the topic of a number of recent research reports. BTIG Research raised their price objective on IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Sanford C. Bernstein restated an “outperform” rating and set a $100.00 target price on shares of IREN in a report on Thursday, August 13th. Needham & Company LLC restated a “hold” rating on shares of IREN in a report on Tuesday, July 21st. Jefferies Financial Group began coverage on IREN in a research report on Thursday, June 18th. They set a “buy” rating and a $79.00 price target on the stock. Finally, Cantor Fitzgerald lifted their price target on IREN from $77.00 to $99.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.00.

IREN Trading Up 2.4%

The firm has a market cap of $14.48 billion, a P/E ratio of 84.44 and a beta of 4.29. The firm’s fifty day moving average is $42.07 and its two-hundred day moving average is $45.60. The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Thursday, August 27th. The company reported ($2.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($1.61). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The company had revenue of $137.22 million for the quarter, compared to analysts’ expectations of $132.29 million. Analysts predict that IREN Limited will post -1.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Several hedge funds and other institutional investors have recently modified their holdings of IREN. California State Teachers Retirement System grew its holdings in shares of IREN by 6,197.8% during the 2nd quarter. California State Teachers Retirement System now owns 22,963,091 shares of the company’s stock worth $1,050,102,000 after acquiring an additional 22,598,469 shares during the period. Marex Group plc lifted its stake in shares of IREN by 14,216.7% in the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after purchasing an additional 4,440,032 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of IREN during the fourth quarter valued at approximately $158,677,000. Clear Street Group Inc. bought a new stake in shares of IREN during the fourth quarter valued at approximately $137,075,000. Finally, Situational Awareness LP boosted its position in shares of IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock valued at $93,254,000 after purchasing an additional 3,034,254 shares in the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.