IREN (NASDAQ:IREN) Shares Up 13.1% – Should You Buy?

IREN Limited (NASDAQ:IREN)’s share price was up 13.1% during mid-day trading on Monday . The stock traded as high as $44.97 and last traded at $43.91. Approximately 53,427,584 shares were traded during mid-day trading, an increase of 27% from the average daily volume of 42,234,801 shares. The stock had previously closed at $38.82.

Key Stories Impacting IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Speculation that Anthropic’s reported 1.4 GW Australia capacity buildout could create a multi-billion-dollar opportunity for IREN if it wins some of the work. Does IREN Have the Inside Track on This $22 Billion Opportunity?
• Positive Sentiment: IREN is being highlighted by analysts and market commentary as a potential beneficiary of AI data-center demand, with Bernstein reiterating a Buy rating and a $100 price target. IREN Ltd (IREN) Is One Of The Top Underperforming Data Center Stocks To Buy
• Positive Sentiment: Shares are also benefiting from the broader “former Bitcoin miner to AI infrastructure provider” narrative after TeraWulf’s major Anthropic deal raised hopes that similar firms, including IREN, could land large AI contracts. TeraWulf and IREN just joined Anthropic’s growing club of former Bitcoin miners
• Neutral Sentiment: Recent coverage also notes IREN had been in a sharp short-term downtrend, so today’s move may be partly a rebound from oversold levels rather than a confirmed change in fundamentals. Why Is IREN Stock Rising in Pre-Market Today — July 6, 2026?
• Negative Sentiment: Investors are still weighing execution risk and the fact that the Anthropic-related Australia opportunity is only reported speculation, not a signed contract or company guidance. Does IREN Have the Inside Track on This $22 Billion Opportunity?

Analyst Upgrades and Downgrades

Several research analysts have issued reports on IREN shares. Jefferies Financial Group started coverage on IREN in a research report on Thursday, June 18th. They set a “buy” rating and a $79.00 target price for the company. Canaccord Genuity Group increased their target price on IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. HC Wainwright boosted their target price on shares of IREN to $85.00 and gave the company a “buy” rating in a research note on Friday, May 8th. B. Riley Financial upped their price target on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, The Goldman Sachs Group set a $50.00 price objective on shares of IREN in a report on Wednesday, May 27th. Fourteen investment 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’s stock. According to data from MarketBeat.com, IREN currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.36.

IREN Trading Up 13.1%

The company has a quick ratio of 3.72, a current ratio of 3.72 and a debt-to-equity ratio of 1.44. The stock’s 50 day moving average is $54.72 and its two-hundred day moving average is $47.62. The company has a market capitalization of $15.69 billion, a PE ratio of 91.48 and a beta of 4.27.

IREN (NASDAQ:IREN) last announced its earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The company had revenue of $144.79 million for the quarter, compared to the consensus estimate of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. As a group, sell-side analysts predict that IREN Limited will post -1.25 EPS for the current fiscal year.

Institutional Investors Weigh In On IREN

Large investors have recently made changes to their positions in the stock. Marex Group plc lifted its holdings in shares of IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock worth $168,880,000 after purchasing an additional 4,440,032 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of IREN in the 4th quarter valued at $158,677,000. Clear Street Group Inc. acquired a new stake in shares of IREN in the fourth quarter worth $137,075,000. Situational Awareness LP raised its holdings in shares of IREN by 90.1% during the second quarter. Situational Awareness LP now owns 6,400,384 shares of the company’s stock worth $93,254,000 after purchasing an additional 3,034,254 shares during the last quarter. Finally, Quadrature Capital Ltd grew its position in IREN by 1,022.2% during the 4th quarter. Quadrature Capital Ltd now owns 2,870,637 shares of the company’s stock worth $108,424,000 after purchasing an additional 2,614,835 shares during the period. 41.08% of the stock is owned by hedge funds and other institutional investors.

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.