IREN (NASDAQ:IREN) Stock Price Up 5% – Still a Buy?

Shares of IREN Limited (NASDAQ:IREN) were up 5% during trading on Tuesday . The company traded as high as $49.29 and last traded at $46.93. Approximately 50,485,782 shares traded hands during mid-day trading, an increase of 17% from the average session volume of 43,061,117 shares. The stock had previously closed at $44.68.

Trending Headlines about IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN’s 2-gigawatt Sweetwater data-center hub in Texas has conditionally received base-load status through ERCOT’s Batch Zero process. The designation is an important step toward securing grid capacity and supporting the company’s planned AI infrastructure expansion. IREN receives Batch Zero base load status for Sweetwater
• Positive Sentiment: Analysts suggest the Sweetwater announcement may indicate that IREN controls a larger, potentially multigigawatt development pipeline than previously disclosed. If confirmed, that would increase the company’s long-term AI-cloud revenue potential. Iren’s Sweetwater Announcement Hints at a Larger Gigawatt Pipeline Than the Public Number
• Positive Sentiment: IREN is repositioning its former Bitcoin-mining infrastructure toward AI training and inference, benefiting from strong demand for computing capacity. Coverage also highlights billions of dollars in contracted AI-cloud revenue and a commitment involving NVIDIA, potentially strengthening its credibility with customers and investors. Could IREN Become the Next Nvidia-Backed AI Winner?
• Neutral Sentiment: IREN is being compared with Nebius and other neocloud providers. Its energy-oriented infrastructure model may offer efficiency advantages, but investors remain focused on whether construction and GPU deployment can proceed on schedule. Pure-Play AI Cloud vs. Energy-Driven Infrastructure
• Negative Sentiment: Jim Cramer said he favors CoreWeave over IREN, describing the other neocloud companies as too speculative. That criticism reinforces concerns about execution risk and may pressure sentiment among momentum-focused investors. Jim Cramer Prefers CoreWeave Over IREN

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings downgraded IREN from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, August 31st. The Goldman Sachs Group restated a “neutral” rating on shares of IREN in a research note on Monday, July 20th. Needham & Company LLC reissued a “hold” rating on shares of IREN in a report on Tuesday, July 21st. BTIG Research restated a “buy” rating and issued a $80.00 target price on shares of IREN in a research note on Friday, August 28th. Finally, HC Wainwright reiterated a “buy” rating and issued a $90.00 price target on shares of IREN in a research note on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, IREN has a consensus rating of “Moderate Buy” and an average price target of $81.57.

IREN Trading Down 3.8%

The firm’s 50-day simple moving average is $40.10 and its 200 day simple moving average is $45.52. The stock has a market cap of $17.20 billion, a P/E ratio of -18.65 and a beta of 4.28. The company has a current ratio of 3.55, a quick ratio of 3.55 and a debt-to-equity ratio of 1.80.

Hedge Funds Weigh In On IREN

Hedge funds have recently modified their holdings of the company. Invesco Ltd. raised its position in IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after acquiring an additional 936,333 shares in the last quarter. StoneX Group Inc. bought a new stake in shares of IREN in the 2nd quarter worth approximately $158,000. NewEdge Advisors LLC lifted its stake in IREN by 245.0% during the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock valued at $631,000 after purchasing an additional 30,736 shares during the last quarter. Sei Investments Co. bought a new stake in IREN during the second quarter worth approximately $2,333,000. Finally, Peapack Gladstone Financial Corp grew its position in IREN by 30.0% in the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock worth $265,000 after buying an additional 4,200 shares during the last quarter. 41.08% of the stock is currently owned by institutional investors and hedge funds.

About IREN

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on high-performance computing. The company develops and operates data centers powered by renewable energy and uses this infrastructure primarily for Bitcoin mining and, increasingly, artificial intelligence and other GPU-intensive cloud-computing applications.

IREN designs, builds and operates its own data centers, providing access to electrical power, computing hardware and related infrastructure.