IREN (NASDAQ:IREN) Stock Price Up 7.7% Following Analyst Upgrade

Key Points

• IREN stock rose 7.7% after BTIG Research lifted its price target to $80 and kept a buy rating. The shares traded as high as $65.61 on heavy volume, well above the prior close of $56.85.
• Analyst sentiment remains broadly positive: HC Wainwright also raised its target to $85, and MarketBeat shows a consensus rating of Moderate Buy with a target price of $71.23. Thirteen analysts rate the stock a Buy, compared with four Holds and two Sells.
• Investors are also focused on IREN’s AI growth story, including a $3.4 billion AI cloud contract tied to its NVIDIA partnership and expansion plans across North America, Europe, and APAC. However, recent earnings were weak, with revenue and profit missing expectations and mining revenue declining.

IREN Limited (NASDAQ:IREN - Get Free Report) traded up 7.7% on Friday after BTIG Research raised their price target on the stock to $80.00. BTIG Research currently has a buy rating on the stock. IREN traded as high as $65.61 and last traded at $61.20. 109,641,463 shares were traded during mid-day trading, an increase of 178% from the average session volume of 39,486,148 shares. The stock had previously closed at $56.85.

IREN has been the topic of several other reports. HC Wainwright upped their price objective on shares of IREN to $85.00 and gave the stock a "buy" rating in a research report on Friday. Cantor Fitzgerald lowered their price objective on shares of IREN to $61.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. B. Riley Financial reaffirmed a "buy" rating on shares of IREN in a report on Friday, February 6th. Weiss Ratings cut IREN from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, April 22nd. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $70.00 price target on shares of IREN in a research note on Tuesday, February 10th. Thirteen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, IREN currently has a consensus rating of "Moderate Buy" and a consensus target price of $71.23.

Trending Headlines about IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN’s NVIDIA partnership is the main driver, with a $3.4 billion AI cloud contract and a five-year option for NVIDIA to buy up to 30 million shares, signaling strong validation of IREN’s AI infrastructure strategy.
• Positive Sentiment: Analyst sentiment improved, with BTIG and HC Wainwright both raising price targets and maintaining buy ratings, reinforcing the bullish view on IREN’s long-term growth.
• Positive Sentiment: IREN continues to expand its AI platform with major capacity plans, including a target of 3.7 billion in annualized recurring revenue and growth across North America, Europe, and APAC.
• Neutral Sentiment: The company also announced the acquisition of Ingenostrum/Nostrum Group in Spain, which expands its European footprint and adds about 490MW of secured power, but the deal still needs to close.
• Negative Sentiment: Recent quarterly results were weak, with a wider net loss and lower revenue as Bitcoin mining revenues declined, showing the business is still in transition and execution risk remains.
• Negative Sentiment: IREN’s aggressive capital spending and convertible debt create some dilution and financing risk, which could temper enthusiasm if growth or funding milestones slip.

Institutional Trading of IREN

Several hedge funds have recently added to or reduced their stakes in IREN. CENTRAL TRUST Co lifted its stake in shares of IREN by 19.8% in the 1st quarter. CENTRAL TRUST Co now owns 1,485 shares of the company's stock valued at $51,000 after acquiring an additional 245 shares during the last quarter. Vermillion Wealth Management Inc. grew its holdings in shares of IREN by 19.1% in the first quarter. Vermillion Wealth Management Inc. now owns 2,049 shares of the company's stock worth $70,000 after purchasing an additional 328 shares during the last quarter. Centaurus Financial Inc. grew its holdings in shares of IREN by 1.1% in the third quarter. Centaurus Financial Inc. now owns 31,482 shares of the company's stock worth $1,477,000 after purchasing an additional 332 shares during the last quarter. Larson Financial Group LLC increased its stake in shares of IREN by 26.7% in the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company's stock worth $75,000 after buying an additional 335 shares during the period. Finally, Hollencrest Capital Management raised its holdings in IREN by 50.0% during the 1st quarter. Hollencrest Capital Management now owns 1,050 shares of the company's stock valued at $36,000 after buying an additional 350 shares during the last quarter. 41.08% of the stock is owned by institutional investors.

IREN Stock Up 7.7%

The company's 50-day simple moving average is $42.59 and its two-hundred day simple moving average is $46.71. The firm has a market cap of $20.34 billion, a PE ratio of 46.02 and a beta of 4.17. The company has a debt-to-equity ratio of 1.51, a quick ratio of 4.96 and a current ratio of 4.96.

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

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