IREN (NASDAQ:IREN) Price Target Raised to $85.00

Key Points

• HC Wainwright raised its price target to $85 and maintained a "buy" rating, implying roughly a 49.5% upside from the prior close.
• IREN signed a strategic AI partnership with NVIDIA — including a five‑year AI cloud services contract worth about $3.4 billion and an NVIDIA option to buy up to 30 million shares at $70 (up to ~$2.1 billion) — positioning IREN as a major supplier of GPU capacity.
• Near‑term risks remain after IREN’s recent earnings and revenue misses (Q results below estimates and revenue down 23% YoY), with execution, capex needs and potential dilution cited as key uncertainties despite heavy institutional buying and recent M&A activity.

IREN (NASDAQ:IREN - Get Free Report) had its price objective hoisted by investment analysts at HC Wainwright to $85.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's price objective would suggest a potential upside of 49.52% from the company's previous close.

IREN has been the subject of several other research reports. Cantor Fitzgerald decreased their price target on shares of IREN to $61.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Wall Street Zen lowered shares of IREN from a "hold" rating to a "strong sell" rating in a research note on Saturday, February 7th. Canaccord Genuity Group restated a "buy" rating and set a $70.00 price target on shares of IREN in a research note on Tuesday, February 10th. Weiss Ratings lowered shares of IREN from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, April 22nd. Finally, Freedom Capital upgraded shares of IREN to a "hold" rating in a research note on Wednesday, April 1st. Thirteen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $70.85.

IREN Trading Down 6.8%

NASDAQ:IREN opened at $56.85 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96. The firm has a market cap of $18.89 billion, a price-to-earnings ratio of 42.74 and a beta of 4.17. IREN has a 52 week low of $6.76 and a 52 week high of $76.87. The firm has a 50-day moving average price of $42.59 and a two-hundred day moving average price of $46.71.

IREN (NASDAQ:IREN - Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.37). The firm had revenue of $184.69 million during the quarter, compared to analysts' expectations of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company's revenue for the quarter was down 23.1% on a year-over-year basis. On average, equities analysts expect that IREN will post -0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Situational Awareness LP boosted its holdings in IREN by 20.5% in the 4th quarter. Situational Awareness LP now owns 8,700,621 shares of the company's stock worth $328,622,000 after buying an additional 1,480,200 shares during the period. Marex Group plc boosted its holdings in IREN by 14,216.7% in the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company's stock worth $168,880,000 after buying an additional 4,440,032 shares during the period. BNP Paribas Financial Markets bought a new position in IREN in the 4th quarter worth approximately $158,677,000. Value Aligned Research Advisors LLC boosted its holdings in IREN by 18.6% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company's stock valued at $181,776,000 after purchasing an additional 607,189 shares during the period. Finally, Clear Street Group Inc. bought a new position in IREN in the 4th quarter valued at $137,075,000. 41.08% of the stock is owned by institutional investors.

Key Headlines Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN signed a five‑year AI cloud services contract with NVIDIA valued at roughly $3.4 billion and a strategic partnership to deploy up to 5GW of NVIDIA‑aligned AI infrastructure (targeting ~150,000 GPUs). This is the primary driver of the stock rally because it converts IREN into a major supplier of capacity to one of the biggest customers in AI. GLobeNewswire: $3.4bn Contract
• Positive Sentiment: NVIDIA received a five‑year option to buy up to 30 million IREN shares at $70 per share (up to $2.1B), giving IREN a committed potential capital source and strategic validation from a marquee partner — both positives for funding rapid build‑out and for investor confidence. Invezz: NVIDIA Investment Option
• Positive Sentiment: IREN agreed to acquire Ingenostrum / Nostrum Group (Spain), adding ~490MW of secured grid‑connected power and establishing a European platform that increases the company’s total power portfolio toward 5GW — a strategic step to serve EU AI demand. Quiver: Nostrum Acquisition
• Positive Sentiment: Recent M&A and tech deals — including the reported Mirantis purchase (~$625M) and energizing capacity at Sweetwater — strengthen IREN’s software, bare‑metal GPU and operational stack, helping it deliver and manage large GPU deployments. SDxCentral: Mirantis Deal
• Neutral Sentiment: Q3 FY26 results showed revenue of $144.8M (well below analyst estimates) as the business transitions from bitcoin mining to AI cloud; management reiterated multi‑year ARR targets and said near‑term capex will be funded by cash (~$2.6B at Apr 30), operating cash flow and additional financing. Investors should weigh the short‑term revenue hit against the long‑term contract pipeline. GlobeNewswire: Business Update & Q3 Results
• Negative Sentiment: Execution, dilution and timing risks remain: large capacity builds require significant capex and permitting, acquisitions and NVIDIA’s equity option could dilute existing holders if exercised, and the company’s recent revenue miss highlights near‑term growth variability. These risks temper upside unless IREN delivers on build‑out milestones and customer ramps. Reuters: Deal & Risks

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.

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