IREN (NASDAQ:IREN) Trading Down 5.5% – Here’s Why

Posted by Francis Steltz on May 28th, 2026

IREN Limited (NASDAQ:IREN – Get Free Report) fell 5.5% during trading on Thursday . The stock traded as low as $63.75 and last traded at $64.1330. 33,664,753 shares changed hands during trading, a decline of 19% from the average session volume of 41,514,531 shares. The stock had previously closed at $67.84.

Key IREN News

Here are the key news stories impacting IREN this week:

Positive Sentiment: The Dell/Blackwell deal strengthens IREN’s AI expansion and reinforces its transition into a higher-margin AI cloud provider. IREN Targets $4.4bn in ARR with Blackwell Deployment at Childress
Positive Sentiment: Analysts and market commentary remain broadly constructive on IREN’s AI pivot, with recent articles highlighting its Texas power assets as a key advantage in the data-center buildout race.
Neutral Sentiment: Recent short-interest data did not show a meaningful read-through, so it does not appear to be a major driver of today’s move.
Negative Sentiment: Some traders are taking profits after the sharp AI-driven rally, especially with the stock already pricing in a lot of optimism around the Blackwell rollout.
Negative Sentiment: The large upfront hardware spend and related financing needs are creating dilution and execution concerns, since revenue from the new deployment is not expected until 2027. IREN slides after recent AI-driven rally as traders digest $1.6B Blackwell buildout spend and financing overhang

Analyst Upgrades and Downgrades

IREN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of IREN from $39.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Canaccord Genuity Group reiterated a “buy” rating and set a $70.00 price target on shares of IREN in a research report on Tuesday, February 10th. B. Riley Financial increased their price target on shares of IREN to $88.00 and gave the company a “buy” rating in a research report on Wednesday. BTIG Research raised their target price on shares of IREN to $80.00 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 issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $79.69.

Read Our Latest Report on IREN

IREN Price Performance

The business has a 50 day moving average of $46.85 and a 200 day moving average of $46.15. The company has a market cap of $22.94 billion, a PE ratio of 133.14 and a beta of 4.17. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.72 and a quick ratio of 3.72.

IREN (NASDAQ:IREN – Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The company reported ($0.25) EPS 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 business had revenue of $144.80 million during the quarter, compared to analysts’ expectations of $219.69 million. As a group, research analysts predict that IREN Limited will post -1.09 EPS for the current year.

Institutional Trading of IREN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IREN. Invesco Ltd. lifted its stake in IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company’s stock worth $43,341,000 after acquiring an additional 936,333 shares during the period. StoneX Group Inc. purchased a new position in IREN during the second quarter valued at $158,000. NewEdge Advisors LLC lifted its position in IREN by 245.0% during the second quarter. NewEdge Advisors LLC now owns 43,281 shares of the company’s stock valued at $631,000 after buying an additional 30,736 shares during the period. Sei Investments Co. purchased a new position in IREN during the second quarter valued at $2,333,000. Finally, Peapack Gladstone Financial Corp lifted its position in IREN by 30.0% during the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company’s stock valued at $265,000 after buying an additional 4,200 shares during the period. Hedge funds and other institutional investors own 41.08% of the company’s stock.

About IREN

(Get Free Report)

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.