IREN (NASDAQ:IREN) Trading Up 13.5% – Should You Buy?

IREN Limited (NASDAQ:IREN) shares traded up 13.5% during trading on Wednesday . The stock traded as high as $68.13 and last traded at $67.84. 83,799,727 shares traded hands during mid-day trading, an increase of 102% from the average session volume of 41,582,199 shares. The stock had previously closed at $59.78.

Trending Headlines about IREN

Here are the key news stories impacting IREN this week:

• Positive Sentiment: IREN announced a $1.6 billion Dell deal for air-cooled Blackwell systems to support its previously announced five-year, $3.4 billion AI cloud contract, signaling major demand for its AI infrastructure services and deeper ties to a leading hardware supplier. IREN Stock Jumps After Massive $1.6 Billion Dell AI Deal
• Positive Sentiment: The company said commissioning the new systems at its Childress, Texas campus could lift annualized run-rate revenue from $3.7 billion to $4.4 billion, which supports a stronger growth outlook if deployments go as planned. IREN Targets $4.4bn in ARR with Blackwell Deployment at Childress
• Positive Sentiment: Recent coverage also noted continued momentum in bitcoin-mining and AI-infrastructure stocks, and IREN has been mentioned as a beneficiary of the broader re-rating in AI compute names. IREN stock is already up 58% in 2026. Nvidia could keep taking shares higher.
• Neutral Sentiment: Commentary and market-roundup pieces continued to frame IREN as a high-volatility bitcoin/AI infrastructure name, reflecting strong investor attention but not adding new company-specific information. Top Bitcoin Stocks To Follow Today – May 26th
• Negative Sentiment: Some analysis warned that IREN’s transformation still carries financial and execution risk, with the new capacity not expected to be fully online until early 2027 and with the large hardware spend increasing balance-sheet pressure if revenue ramps more slowly than expected. IREN: Software Capabilities Expands, But Financial Strains Loom Large

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $70.00 target price on shares of IREN in a report on Tuesday, February 10th. JPMorgan Chase & Co. raised their target price on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Wall Street Zen cut shares of IREN from a “hold” rating to a “strong sell” rating in a report on Saturday, February 7th. HC Wainwright raised their price target on shares of IREN to $85.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Freedom Capital upgraded shares of IREN to a “hold” rating in a report on Wednesday, April 1st. Thirteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.31.

IREN Stock Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72. The firm has a market capitalization of $24.24 billion, a price-to-earnings ratio of 141.33 and a beta of 4.17. The firm’s fifty day moving average is $46.39 and its 200 day moving average is $46.15.

IREN (NASDAQ:IREN) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The business had revenue of $144.80 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%. On average, analysts predict that IREN Limited will post -1.09 EPS for the current fiscal year.

Hedge Funds Weigh In On IREN

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Situational Awareness LP raised its position in IREN by 34.5% during the first quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after acquiring an additional 2,998,214 shares in the last quarter. Marex Group plc raised its position in IREN by 14,216.7% during the fourth quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after acquiring an additional 4,440,032 shares in the last quarter. BNP Paribas Financial Markets bought a new position in IREN during the fourth quarter valued at approximately $158,677,000. Value Aligned Research Advisors LLC raised its position in IREN by 18.6% during the third quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock valued at $181,776,000 after acquiring an additional 607,189 shares in the last quarter. Finally, Clear Street Group Inc. bought a new position in IREN during the fourth quarter valued at approximately $137,075,000. 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.