IREN (NASDAQ:IREN) Trading 8% Higher – Should You Buy?

IREN Limited (NASDAQ:IREN) was up 8% during mid-day trading on Wednesday . The company traded as high as $43.06 and last traded at $43.01. Approximately 34,601,878 shares traded hands during trading, a decline of 18% from the average daily volume of 42,180,488 shares. The stock had previously closed at $39.81.

Key Headlines Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: A recent analyst upgrade to Buy from Hold with a $58 price target helped revive sentiment, with the call arguing the pullback in IREN shares had created attractive upside. The same note highlighted expectations for major AI capacity expansion, including a large GPU rollout and meaningful recurring revenue potential. Article Title
• Positive Sentiment: Investor enthusiasm is also being supported by IREN’s growing visibility in AI infrastructure, including public ties to NVIDIA and recent hiring aimed at expanding its AI Cloud platform and data center footprint. Article Title
• Neutral Sentiment: One recent opinion piece argued IREN’s revenue is declining for reasons the market may be misunderstanding, suggesting the business mix is shifting rather than deteriorating outright. Article Title
• Negative Sentiment: IREN also saw pressure in pre-market trading after a broader selloff in neocloud names like CoreWeave and Nebius, showing that the stock remains sensitive to sector-wide risk sentiment. Article Title

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. BTIG Research increased their price objective on IREN to $80.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Weiss Ratings raised IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. Canaccord Genuity Group upped their price target on IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. B. Riley Financial upped their price target on IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Finally, Jefferies Financial Group started coverage on IREN in a report on Thursday, June 18th. They set a “buy” rating and a $79.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $82.36.

IREN Stock Performance

The stock has a 50-day simple moving average of $54.34 and a 200 day simple moving average of $47.72. 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 $15.37 billion, a PE ratio of 89.60 and a beta of 4.27.

IREN (NASDAQ:IREN) last announced its quarterly 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). The firm had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. Equities analysts anticipate that IREN Limited will post -1.25 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marex Group plc grew its position in shares of IREN by 14,216.7% in the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after purchasing an additional 4,440,032 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in shares of IREN during the 4th quarter worth approximately $158,677,000. Clear Street Group Inc. acquired a new position in shares of IREN during the 4th quarter worth approximately $137,075,000. Situational Awareness LP lifted its stake in IREN by 90.1% in the 2nd quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock valued at $93,254,000 after buying an additional 3,034,254 shares in the last quarter. Finally, Quadrature Capital Ltd lifted its stake in IREN by 1,022.2% in the 4th quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock valued at $108,424,000 after buying an additional 2,614,835 shares in the last quarter. Institutional investors and hedge funds 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.