IREN (NASDAQ:IREN) Shares Gap Up on Analyst Upgrade

Posted by George Bondi on Jul 8th, 2026

IREN Limited (NASDAQ:IREN – Get Free Report) shares gapped up before the market opened on Monday after Freedom Capital upgraded the stock from a hold rating to a strong-buy rating. The stock had previously closed at $38.82, but opened at $41.97. IREN shares last traded at $43.8460, with a volume of 12,670,757 shares traded.

Other analysts have also issued reports about the stock. Canaccord Genuity Group upped their price objective on shares of IREN from $70.00 to $79.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Weiss Ratings upgraded shares of IREN from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. B. Riley Financial upped their price target on shares of IREN from $88.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Sanford C. Bernstein set a $96.00 price objective on shares of IREN in a research note on Thursday, June 4th. Finally, Cantor Fitzgerald lifted their price objective on shares of IREN from $77.00 to $99.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, IREN presently has a consensus rating of “Moderate Buy” and an average price target of $82.36.

Check Out Our Latest Analysis on IREN

Key Headlines Impacting IREN

Here are the key news stories impacting IREN this week:

Positive Sentiment: Freedom Capital upgraded IREN from hold to strong-buy, signaling stronger conviction in the company’s long-term outlook. Zacks.com
Positive Sentiment: Analyst commentary and price-target coverage suggested substantial upside from current levels, with one report highlighting a roughly 50% upside case tied to a $58 target. IREN stock jumps on analyst upgrade, sees nearly 50% upside
Positive Sentiment: Several articles pointed to IREN as a potential beneficiary of Anthropic’s reported large Australian AI cloud capacity tender, which could validate IREN’s powered land bank and grid access as a major AI infrastructure asset. Anthropic’s A$22 Billion Australian AI Cloud Tender Might Change The Case For Investing In IREN
Positive Sentiment: Bernstein reiterated a Buy rating with a $100 price target, and other coverage framed IREN as an underappreciated AI/data center stock with significant upside potential. IREN Ltd (IREN) Is One Of The Top Underperforming Data Center Stocks To Buy
Neutral Sentiment: Broader sector commentary compared IREN with peers like TeraWulf and CoreWeave, reinforcing that investor focus remains on AI infrastructure demand rather than IREN’s core bitcoin-mining roots. Nebius Is Quietly Dominating CoreWeave And IREN: Here’s Why
Negative Sentiment: Despite the recent bounce, investors are still weighing execution risk, especially because IREN has been volatile and recently had a difficult stretch before the latest rebound. Why Is IREN Stock Rising in Pre-Market Today — July 6, 2026?
Negative Sentiment: IREN’s underlying fundamentals remain a concern after its last reported quarter missed EPS and revenue expectations, reminding investors that the company still needs to prove consistent operating execution.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IREN. Miller Wealth Advisors LLC lifted its position in IREN by 240.0% during the fourth quarter. Miller Wealth Advisors LLC now owns 680 shares of the company’s stock valued at $26,000 after acquiring an additional 480 shares during the last quarter. GAMMA Investing LLC increased its position in shares of IREN by 177.5% during the second quarter. GAMMA Investing LLC now owns 691 shares of the company’s stock worth $32,000 after purchasing an additional 442 shares in the last quarter. North Star Investment Management Corp. purchased a new stake in shares of IREN during the 4th quarter valued at $26,000. Clearstead Trust LLC purchased a new stake in shares of IREN during the 4th quarter valued at $27,000. Finally, Aventura Private Wealth LLC purchased a new position in IREN during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

IREN Trading Down 9.3%

The company has a 50 day moving average of $54.34 and a two-hundred day moving average of $47.72. The stock has a market capitalization of $14.23 billion, a PE ratio of 82.94 and a beta of 4.27. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.72 and a current ratio of 3.72.

IREN (NASDAQ:IREN – Get Free Report) last released 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). The business had revenue of $144.79 million during the quarter, compared to analysts’ expectations of $219.69 million. IREN had a net margin of 20.90% and a negative return on equity of 13.13%. Sell-side analysts predict that IREN Limited will post -1.25 EPS for the current year.

IREN Company Profile

(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.