IREN (NASDAQ:IREN) Trading 11.5% Higher – Here’s What Happened

IREN Limited (NASDAQ:IREN)’s share price traded up 11.5% on Friday . The company traded as high as $40.36 and last traded at $39.92. 30,016,427 shares were traded during mid-day trading, an increase of 14% from the average session volume of 26,320,166 shares. The stock had previously closed at $35.80.

More IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Major contract and growth outlook — IREN is highlighted as positioned for strong AI data-center growth anchored by a reported $9.7 billion Microsoft contract; company forecasts roughly $3.4 billion ARR by 2026 while having used only ~16% of its power pipeline. A recent $4 billion capital raise was cited as strengthening the balance sheet and enabling GPU procurement and faster buildout, a clear revenue-growth catalyst. Article Title
• Positive Sentiment: Analyst upgrade from deep sell to hold — Zacks Research moved IREN from “strong sell” to “hold,” reducing downside narrative and likely supporting short-term buying interest from investors seeking reducing risk exposure. Article Title
• Neutral Sentiment: Goldman Sachs initiates coverage with a neutral rating — Goldman started coverage with a “neutral” recommendation and a $39 price target (modest implied downside vs. current levels), which provides industry validation but not a buy signal. Article Title
• Negative Sentiment: Omission from top buys and recent selling pressure — Coverage rollouts at major banks favored other data-center names; one analyst’s list excluded IREN, which contributed to recent weakness and heightened volatility despite the contract news. Article Title

Analyst Upgrades and Downgrades

Several analysts have weighed in on IREN shares. B. Riley reissued a “buy” rating on shares of IREN in a report on Wednesday, October 22nd. Roth Capital set a $94.00 price objective on shares of IREN and gave the company a “buy” rating in a report on Monday, November 3rd. Citigroup started coverage on shares of IREN in a research note on Wednesday, November 19th. They issued an “outperform” rating on the stock. HC Wainwright raised their price target on IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a research report on Tuesday, November 4th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $75.00 target price on shares of IREN in a research report on Thursday, September 25th. Twelve research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.64.

IREN Price Performance

The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The company’s fifty day moving average price is $52.81 and its two-hundred day moving average price is $33.67. The company has a market cap of $11.32 billion, a price-to-earnings ratio of 20.58 and a beta of 4.23.

Institutional Trading of IREN

Hedge funds and other institutional investors have recently modified their holdings of the company. Hood River Capital Management LLC bought a new position in shares of IREN during the 2nd quarter worth approximately $74,228,000. Situational Awareness LP bought a new stake in shares of IREN in the first quarter worth $20,500,000. Voloridge Investment Management LLC boosted its holdings in IREN by 1,444.5% during the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock worth $77,555,000 after purchasing an additional 1,545,579 shares during the last quarter. Marshall Wace LLP increased its stake in IREN by 247.7% in the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock valued at $95,380,000 after buying an additional 1,447,842 shares during the last quarter. Finally, Merewether Investment Management LP bought a new stake in IREN during the 2nd quarter worth about $21,025,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

IREN Company Profile

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.