IREN (NASDAQ:IREN) Earns Buy Rating from Canaccord Genuity Group

IREN (NASDAQ:IREN)‘s stock had its “buy” rating reaffirmed by Canaccord Genuity Group in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $79.00 target price on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 96.52% from the stock’s current price.

Several other research firms have also commented on IREN. Citigroup reissued a “market outperform” rating on shares of IREN in a research report on Tuesday. Sanford C. Bernstein set a $96.00 price objective on shares of IREN in a research note on Thursday, June 4th. 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. Cantor Fitzgerald upped their target price on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Finally, Freedom Capital raised shares of IREN from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $82.36.

IREN Trading Up 19.6%

NASDAQ:IREN opened at $40.20 on Tuesday. The business’s 50-day moving average is $51.94 and its two-hundred day moving average is $47.64. The firm has a market capitalization of $14.37 billion, a PE ratio of 83.75 and a beta of 4.27. IREN has a 12 month low of $14.72 and a 12 month high of $76.87. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.

IREN (NASDAQ:IREN) last issued its earnings results 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 negative return on equity of 13.13% and a net margin of 20.90%.The company had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. Research analysts predict that IREN will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IREN

Institutional investors have recently made changes to their positions in the business. Miller Wealth Advisors LLC grew its position in shares of IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after buying an additional 480 shares in the last quarter. North Star Investment Management Corp. bought a new position in IREN during the 4th quarter valued at $26,000. Clearstead Trust LLC bought a new position in IREN during the 4th quarter valued at $27,000. Aventura Private Wealth LLC acquired a new position in IREN during the 4th quarter worth $28,000. Finally, Motco acquired a new position in IREN during the 4th quarter worth $30,000. 41.08% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN secured $2.8 billion in new AI cloud contracts, including business tied to major names like Microsoft and NVIDIA, boosting confidence in future growth. Article: IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers, Raises 2026 ARR Target to over $4bn
• Positive Sentiment: The company raised its AI cloud revenue target to above $4 billion, signaling stronger demand and a bigger business mix shift toward infrastructure. Article: IREN Lifts Revenue Target on $2.8 Billion Contract Haul
• Positive Sentiment: Customer prepayments and longer-term contracts may ease capex concerns and improve cash flow visibility as IREN scales its AI cloud capacity. Article: IREN stock tests major resistance as new contracts alleviate capex concerns
• Neutral Sentiment: Several market commentaries highlighted IREN as a top Bitcoin or mining stock to watch, but these were mostly screening and watchlist pieces rather than new company-specific catalysts. Article: Top Bitcoin Stocks Worth Watching – July 20th
• Negative Sentiment: Investors still face execution risk as IREN must deliver on its large AI buildout, including potential delays from power and interconnection constraints. Article: Iren founders see $1bn wiped from wealth after controversial share package

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.