IREN (NASDAQ:IREN) Raised to “Strong-Buy” at Freedom Capital

IREN (NASDAQ:IREN) was upgraded by analysts at Freedom Capital from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other brokerages have also recently weighed in on IREN. Canaccord Genuity Group lifted their price objective on shares of IREN from $70.00 to $79.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. BTIG Research raised their target price on shares of IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Sanford C. Bernstein set a $96.00 price target on shares of IREN in a research report on Thursday, June 4th. Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 29th. Finally, Jefferies Financial Group began coverage on shares of IREN in a report on Thursday, June 18th. They issued a “buy” rating and a $79.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, IREN currently has an average rating of “Moderate Buy” and a consensus price target of $82.36.

IREN Stock Performance

IREN stock traded down $4.07 on Monday, reaching $39.84. The company’s stock had a trading volume of 10,395,258 shares, compared to its average volume of 41,956,555. IREN has a 52 week low of $14.72 and a 52 week 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. The company has a market capitalization of $14.24 billion, a P/E ratio of 83.25 and a beta of 4.27. The firm has a fifty day moving average of $54.55 and a two-hundred day moving average of $47.68.

IREN (NASDAQ:IREN) last announced 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 net margin of 20.90% and a negative return on equity of 13.13%. The business had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. As a group, analysts predict that IREN will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Several large investors have recently made changes to their positions in IREN. Miller Wealth Advisors LLC raised its holdings in shares of IREN by 240.0% in the 4th quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock worth $26,000 after purchasing an additional 480 shares in the last quarter. North Star Investment Management Corp. bought a new stake in IREN during the fourth quarter worth approximately $26,000. Clearstead Trust LLC bought a new stake in IREN during the fourth quarter worth approximately $27,000. Aventura Private Wealth LLC bought a new stake in IREN during the fourth quarter worth approximately $28,000. Finally, Motco acquired a new position in IREN in the fourth quarter worth approximately $30,000. Institutional investors own 41.08% of the company’s stock.

Key Stories Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Reports that Anthropic is considering IREN for a massive Australian AI cloud tender have raised hopes for a major new revenue opportunity and reinforced the company’s AI data center growth story. Anthropic’s A$22 Billion Australian AI Cloud Tender Might Change The Case For Investing In IREN
• Positive Sentiment: Bernstein reiterated a Buy rating and a $100 target, suggesting meaningful upside and helping fuel the rebound after recent weakness. IREN Ltd (IREN) Is One Of The Top Underperforming Data Center Stocks To Buy
• Positive Sentiment: Analyst coverage highlighted IREN as one of the better AI/data-center names to own on the recent pullback, supporting the idea that investors are rotating back into the stock. IREN Stock Soars as Analyst Says Buy the Dip
• Neutral Sentiment: Coverage comparing IREN with other former Bitcoin miners, including TeraWulf, is reinforcing the broader narrative that AI contracts could re-rate the sector, but no deal has been confirmed for IREN yet. TeraWulf and IREN just joined Anthropic’s growing club of former Bitcoin miners
• Neutral Sentiment: Additional articles noted that IREN had been in a recent downtrend before the Anthropic speculation sparked buying, suggesting the move is partly a sentiment rebound rather than a fundamental announcement. Why Is IREN Stock Rising in Pre-Market Today — July 6, 2026?
• Negative Sentiment: Some commentary reminded investors that Anthropic’s Australia capacity plans are still speculative and based on leaked or reported documents, so execution and contract risk remain high. Does IREN Have the Inside Track on This $22 Billion Opportunity?

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.