IREN (NASDAQ:IREN) Shares Up 2.8% – Still a Buy?

Shares of IREN Limited (NASDAQ:IREN) shot up 2.8% during trading on Monday . The stock traded as high as $66.50 and last traded at $65.33. 55,839,830 shares traded hands during mid-day trading, an increase of 33% from the average session volume of 41,873,676 shares. The stock had previously closed at $63.54.

IREN News Roundup

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN closed a $3.65 billion GPU financing facility to fund its Microsoft-backed AI cloud expansion, reducing execution risk and signaling strong access to institutional capital. IREN Closes $3.65bn Investment-Grade GPU Financing
• Positive Sentiment: The financing was described as the highest publicly rated investment-grade GPU financing and should help lower IREN’s cost of capital while supporting rapid AI cloud capacity expansion. IREN closes $3.65 billion GPU financing to back Microsoft AI cloud contract
• Positive Sentiment: IREN and BE Networks announced work with NVIDIA DSX Air to validate the network design for a planned deployment of more than 50,000 NVIDIA Blackwell Ultra GPUs, reinforcing the company’s AI growth pipeline. IREN and BE Networks Accelerate Deployment of Large-Scale AI Factory with NVIDIA DSX Air
• Neutral Sentiment: Media commentary and investor lists highlighted IREN as a potential winner from Nvidia’s AI spending boom and noted bullish hedge fund interest, but these items are more sentiment-driven than directly financial. Is Iren the Next Winner of Nvidia’s Neocloud Spending Spree?
• Negative Sentiment: The scale of the financing and continued reliance on large capital raises may remind investors that IREN still faces execution and leverage risks as it scales its AI infrastructure buildout.

Analyst Upgrades and Downgrades

Several research firms recently commented on IREN. Freedom Capital upgraded shares of IREN to a “hold” rating in a research report on Wednesday, April 1st. BTIG Research boosted their price objective on shares of IREN to $80.00 and gave the company a “buy” rating in a research note on Friday, May 8th. HC Wainwright boosted their price objective 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 boosted their price objective on shares of IREN from $83.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings raised shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Thirteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $79.69.

IREN Stock Performance

The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $23.35 billion, a price-to-earnings ratio of 136.10 and a beta of 4.22. The stock’s 50 day moving average price is $47.70 and its two-hundred day moving average price is $46.19.

IREN (NASDAQ:IREN) last posted 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). IREN had a negative return on equity of 13.13% and a net margin of 20.90%.The company had revenue of $144.80 million for the quarter, compared to analyst estimates of $219.69 million. On average, analysts forecast that IREN Limited will post -1.17 EPS for the current year.

Hedge Funds Weigh In On IREN

Institutional investors and hedge funds have recently made changes to their positions in the stock. Miller Wealth Advisors LLC grew its stake in shares of IREN by 240.0% during 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 during the period. North Star Investment Management Corp. purchased a new stake in shares of IREN in the 4th quarter worth about $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN in the 4th quarter worth about $27,000. Aventura Private Wealth LLC purchased a new stake in shares of IREN in the 4th quarter worth about $28,000. Finally, Motco purchased a new stake in shares of IREN in the 4th quarter worth about $30,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.