IREN (NASDAQ:IREN) Trading 7.6% Higher – Time to Buy?

IREN Limited (NASDAQ:IREN) shares shot up 7.6% during mid-day trading on Wednesday . The company traded as high as $39.71 and last traded at $39.60. Approximately 40,188,667 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 43,078,723 shares. The stock had previously closed at $36.82.

More IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: AI customer contract and crypto exit: IREN secured a contract with a leading frontier AI laboratory and said it remains on track to exit its crypto-mining business by year-end. The transition could improve the company’s strategic profile and concentrate resources on higher-value AI cloud infrastructure. IREN secures contract from leading frontier lab
• Positive Sentiment: Texas power expansion received a boost: The Public Utility Commission of Texas unanimously approved a 765-kilovolt transmission line to the Permian Basin, potentially easing power constraints near IREN’s Sweetwater campuses and supporting future AI data-center expansion. IREN gains a clearer path to Texas power expansion
• Positive Sentiment: Contracted demand and customer funding: Reports cited approximately $4 billion of contracted annual recurring revenue, rising pricing of nearly $25 million per annual revenue per megawatt, and customer prepayments covering roughly 45%–55% of GPU capital expenditures. These factors could reduce dilution and funding pressure as IREN builds capacity. IREN’s customers are starting to fund the build
• Positive Sentiment: Constructive analyst commentary: Citizens highlighted an increasing contribution from AI Cloud, while HC Wainwright maintained a Buy rating and $90 price target. HC Wainwright also raised several fiscal 2027 estimates, although it still expects annual losses.
• Neutral Sentiment: Execution is now the key test: IREN’s 2026 AI capacity is largely sold out, but investors still need to see timely GPU deliveries, data-center construction and conversion of contracted ARR into reported revenue. Much of the revenue benefit may arrive later as new capacity comes online. IREN’s mining exit accelerates
• Negative Sentiment: High capital intensity and profitability concerns: IREN plans roughly $25 billion–$30 billion of AI expansion spending, compared with about $14 billion of identified funding. Recent results showed declining adjusted EBITDA and a large fiscal 2026 net loss, keeping investors focused on financing needs, cash generation and potential dilution. IREN’s CapEx plan accelerates
• Negative Sentiment: Macro and technical pressure remain: Rising Treasury yields have weighed on capital-intensive Bitcoin-mining and AI-infrastructure stocks, while technical indicators continue to signal caution. The stock remains below its 50-day and 200-day moving averages, underscoring elevated volatility and investor skepticism. IREN sinks as rising yields reverse rally

Wall Street Analyst Weigh In

A number of research firms have commented on IREN. Weiss Ratings lowered IREN from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday. Jefferies Financial Group started coverage on shares of IREN in a research note on Thursday, June 18th. They issued a “buy” rating and a $79.00 target price on the stock. Citigroup reiterated a “market outperform” rating on shares of IREN in a report on Friday, August 28th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $100.00 target price on shares of IREN in a report on Thursday, August 13th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of IREN in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $81.57.

IREN Stock Performance

The company has a fifty day moving average of $40.44 and a two-hundred day moving average of $45.44. The firm has a market capitalization of $14.15 billion, a price-to-earnings ratio of -16.92 and a beta of 4.28. The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.55 and a current ratio of 3.55.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently modified their holdings of the business. Corient Private Wealth LP bought a new position in shares of IREN in the 2nd quarter valued at $415,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of IREN in the 2nd quarter valued at $2,989,000. California State Teachers Retirement System raised its position in shares of IREN by 6,197.8% in the 2nd quarter. California State Teachers Retirement System now owns 22,963,091 shares of the company’s stock worth $1,050,102,000 after acquiring an additional 22,598,469 shares in the last quarter. Ameritas Advisory Services LLC grew its position in shares of IREN by 185.9% during the 2nd quarter. Ameritas Advisory Services LLC now owns 35,304 shares of the company’s stock worth $1,614,000 after buying an additional 22,954 shares during the period. Finally, HB Wealth Management LLC bought a new stake in IREN in the 2nd quarter valued at about $327,000. 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.