IREN (NASDAQ:IREN) Trading Up 10.1% – Time to Buy?

IREN Limited (NASDAQ:IREN)’s share price rose 10.1% on Thursday . The stock traded as high as $57.09 and last traded at $56.71. Approximately 47,471,290 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 42,544,520 shares. The stock had previously closed at $51.52.

Key IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN signed a $1.6 billion agreement with Dell to buy Blackwell AI systems, supporting its previously disclosed five-year, $3.4 billion managed services AI cloud contract and strengthening the company’s AI growth pipeline. Article Title
• Positive Sentiment: Analysts and market commentary continue to highlight IREN’s expanding data center buildout, including a 5.8 GW development pipeline, which suggests much larger long-term revenue potential from AI infrastructure. Article Title
• Positive Sentiment: Coverage on IREN’s first Australian data center and its rapid expansion reinforces the view that the company is scaling capacity to capture AI-driven demand. Article Title
• Positive Sentiment: Additional commentary says IREN’s crypto-mining business is increasingly being replaced by AI data centers, a transition that investors may see as a higher-growth, higher-multiple story. Article Title
• Positive Sentiment: Bernstein reiterated a Buy rating on IREN, adding to the bullish sentiment around the stock. Article Title
• Neutral Sentiment: IREN laid out project plans for a data center at its first public hearing, which is another sign of execution progress but does not by itself materially change the investment thesis. Article Title
• Negative Sentiment: Some commentary remains skeptical, arguing that IREN’s hyper-growth plans could disappoint, which highlights execution and valuation risk even after the stock’s strong run. Article Title

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IREN. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Sanford C. Bernstein set a $96.00 target price on shares of IREN in a research note on Thursday, June 4th. B. Riley Financial upped their price target on shares of IREN from $88.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. increased their price target on shares of IREN from $39.00 to $46.00 and gave the company an “underweight” rating in a research report on Monday, May 11th. Finally, The Goldman Sachs Group set a $50.00 price target on shares of IREN in a report on Wednesday, May 27th. Thirteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, IREN has a consensus rating of “Moderate Buy” and an average target price of $82.62.

IREN Stock Up 10.1%

The company’s fifty day simple moving average is $51.03 and its 200 day simple moving average is $46.78. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $20.27 billion, a P/E ratio of 118.15 and a beta of 4.22.

IREN (NASDAQ:IREN) last announced its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.03). IREN had a net margin of 20.90% and a negative return on equity of 13.13%. The company had revenue of $144.80 million for the quarter, compared to the consensus estimate of $219.69 million. Research analysts expect that IREN Limited will post -1.25 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Invesco Ltd. boosted its position in shares of IREN by 45.9% during the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock valued at $43,341,000 after purchasing an additional 936,333 shares in the last quarter. StoneX Group Inc. bought a new stake in shares of IREN during the 2nd quarter valued at $158,000. NewEdge Advisors LLC grew its position in shares of IREN by 245.0% in the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock worth $631,000 after buying an additional 30,736 shares during the period. Sei Investments Co. bought a new position in shares of IREN in the 2nd quarter worth about $2,333,000. Finally, Peapack Gladstone Financial Corp increased its stake in shares of IREN by 30.0% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock worth $265,000 after acquiring an additional 4,200 shares in the last quarter. 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.