IREN (NASDAQ:IREN) Shares Up 11.2% – Time to Buy?

IREN Limited (NASDAQ:IREN)’s stock price rose 11.2% during mid-day trading on Friday . The company traded as high as $58.75 and last traded at $57.7180. Approximately 53,571,061 shares traded hands during trading, an increase of 34% from the average daily volume of 40,043,859 shares. The stock had previously closed at $51.89.

More IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: HC Wainwright upgraded IREN to a “Buy” with an $80 price target; the upgrade and associated investor notes helped lift sentiment and trading interest. HC Wainwright Upgrades IREN to Buy
• Positive Sentiment: Zacks highlights IREN’s vertically integrated AI cloud (noting an 85% EBITDA Microsoft deal, lower power costs and improving margins) — this underpins a path to higher profitability and supports a re-rating if execution continues. Can IREN’s Vertically Integrated AI Cloud Platform Lift Profitability?
• Positive Sentiment: Multiple outlet pieces (Zacks, MarketBeat) put IREN among AI/GPU infrastructure names gaining momentum, reinforcing the narrative that IREN is a beneficiary of rising GPU-as-a-service demand. 3 Beaten Down AI Stocks Gaining Momentum (IREN, NBIS, CRWV)
• Positive Sentiment: Social and retail interest spiked — IREN topped X’s most-searched cashtags, signaling higher retail/institutional attention that can amplify moves on positive news. Bitcoin miner IREN tops X’s most searched cashtags
• Neutral Sentiment: MarketBeat ranked IREN among the top GPU-as-a-service providers for 2026 but noted it’s “not the best” — owns data centers and has hyperscaler deals, yet client concentration and competition are concerns (mixed implication). The 5 Best GPU-as-a-Service Providers for 2026—And 1 Clear Winner
• Positive Sentiment: Coverage comparing IREN to peers (e.g., HUT 8) emphasizes IREN’s renewable-powered, vertically integrated platform and AI focus as differentiation during BTC volatility — a strategic narrative supportive of longer-term upside. IREN or HUT: Which Bitcoin Infrastructure Stock Should You Bet On?
• Negative Sentiment: HC Wainwright’s models show mixed near-term revisions — several Q2–Q4 2026 estimates and FY2026 were trimmed (increasing near-term EPS risk), even as FY2027 estimates were improved. That divergence highlights execution and timing risk for profitability. MarketBeat IREN coverage (HC Wainwright estimates)
• Positive Sentiment: Local/foreign press pieces note a strategic shift from pure bitcoin mining toward AI infrastructure — if sustained, this re-positioning could command higher multiples tied to AI demand vs. cyclical BTC exposure. Iren’s Strategic Shift: From Bitcoin Mining to AI Infrastructure

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on IREN shares. UBS Group restated a “buy” rating on shares of IREN in a report on Friday, November 7th. Wall Street Zen upgraded shares of IREN from a “sell” rating to a “hold” rating in a research note on Saturday. Canaccord Genuity Group upped their price objective on IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Compass Point reiterated a “buy” rating and issued a $105.00 target price on shares of IREN in a report on Friday, November 7th. Finally, Citigroup initiated coverage on IREN in a research note on Wednesday, November 19th. They set an “outperform” rating for the company. Thirteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.36.

IREN Price Performance

The firm has a market capitalization of $16.36 billion, a price-to-earnings ratio of 29.75 and a beta of 4.25. The stock’s fifty day moving average price is $45.28 and its two-hundred day moving average price is $38.81. The company has a current ratio of 5.52, a quick ratio of 5.52 and a debt-to-equity ratio of 0.34.

IREN (NASDAQ:IREN) last issued its earnings results on Thursday, November 6th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.48). IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The firm had revenue of $240.30 million for the quarter, compared to analyst estimates of $244.60 million. The company’s quarterly revenue was up 28.3% compared to the same quarter last year. Equities research analysts expect that IREN Limited will post 0.43 EPS for the current year.

Institutional Investors Weigh In On IREN

Several institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its stake in IREN by 5.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 61,248 shares of the company’s stock valued at $892,000 after purchasing an additional 3,307 shares during the last quarter. AFG Fiduciary Services Limited Partnership acquired a new position in shares of IREN in the 2nd quarter valued at $254,000. Farther Finance Advisors LLC boosted its holdings in shares of IREN by 59.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 25,038 shares of the company’s stock valued at $365,000 after buying an additional 9,384 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new position in shares of IREN in the 2nd quarter valued at $277,000. Finally, Avaii Wealth Management LLC raised its stake in IREN by 107.7% during the 2nd quarter. Avaii Wealth Management LLC now owns 52,859 shares of the company’s stock worth $770,000 after acquiring an additional 27,406 shares in the last quarter. Hedge funds and other 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.