IREN (NASDAQ:IREN) Stock Jumps 5.6% – Still a Buy?

Shares of IREN Limited (NASDAQ:IREN) shot up 5.6% during mid-day trading on Wednesday. The company traded as high as $21.76 and last traded at $20.84. Approximately 81,069,162 shares traded hands during trading, an increase of 80% from the average session volume of 45,092,918 shares. The stock had previously closed at $19.73.

IREN News Roundup

Investors following IREN have been watching these news items:

• Positive Sentiment: CoreWeave’s quarterly earnings beat and reported $132 billion revenue backlog lifted sentiment across AI-infrastructure stocks, with IREN among the shares that moved higher. The results support the broader demand outlook for AI computing. Article: Nebius and IREN Stocks Pop on CoreWeave’s Q3 Earnings — Here’s Why
• Positive Sentiment: A bullish article argues IREN’s steep share-price decline is out of step with improving fundamentals, suggesting investors may be underestimating its opportunity in AI infrastructure. Article: 1 Unstoppable AI Stock to Buy Hand Over Fist Before the Next Leg Higher
• Negative Sentiment: A fresh analyst downgrade weighed on sentiment. Earlier coverage also flagged IREN’s $4 billion annualized-revenue target being pushed into early 2027, raising questions about the pace of its AI-cloud ramp. Article: IREN Stocks Fall 3.41% as Rating Cut Follows Slip in $4 Billion ARR Target

Wall Street Analysts Forecast Growth

IREN has been the topic of several research analyst reports. Morgan Stanley lowered IREN to a “buy” rating in a research note on Wednesday, September 2nd. UBS Group reaffirmed an “overweight” rating on shares of IREN in a report on Monday. JonesTrading raised IREN from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Friday, November 6th. Citigroup reiterated a “market outperform” rating on shares of IREN in a research report on Friday, August 28th. Finally, Cantor Fitzgerald lowered their target price on IREN from $99.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, November 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, IREN currently has an average rating of “Moderate Buy” and an average price target of $64.57.

IREN Price Performance

The company has a 50-day moving average price of $35.24 and a 200-day moving average price of $43.28. The firm has a market capitalization of $8.21 billion, a PE ratio of -5.11 and a beta of 4.33. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.60 and a quick ratio of 1.60.

IREN (NASDAQ:IREN) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.06. The company had revenue of $228.00 million for the quarter, compared to analysts’ expectations of $228.26 million. IREN had a negative net margin of 194.36% and a negative return on equity of 16.36%. Sell-side analysts forecast that IREN Limited will post 0.07 EPS for the current year.

Institutional Trading of IREN

A number of hedge funds have recently bought and sold shares of the company. Situational Awareness LP raised its holdings in IREN by 34.5% in the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after acquiring an additional 2,998,214 shares during the last quarter. Bank of America Corp DE boosted its stake in IREN by 58.4% in the 1st quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock worth $73,312,000 after buying an additional 788,547 shares during the last quarter. Banco Santander S.A. boosted its stake in IREN by 1.7% in the 3rd quarter. Banco Santander S.A. now owns 903,037 shares of the company’s stock worth $36,916,000 after buying an additional 14,791 shares during the last quarter. Swiss National Bank acquired a new stake in IREN in the 1st quarter worth about $33,032,000. Finally, Amundi grew its holdings in IREN by 3,865.8% in the 1st quarter. Amundi now owns 845,113 shares of the company’s stock valued at $28,970,000 after buying an additional 823,803 shares during the period. Institutional investors and hedge funds own 41.08% of the company’s stock.

About IREN

IREN Limited, formerly known as Iris Energy, develops and operates data centers for bitcoin mining and artificial intelligence cloud services. Its AI business provides access to high-performance computing infrastructure, including GPU-based services, for customers with demanding computing needs. Founded in Australia in 2018 by brothers Daniel and Will Roberts, the company has expanded its data-center operations into North America, including locations in British Columbia, Canada, and Texas. IREN has emphasized developing facilities with access to renewable energy.