IREN (NASDAQ:IREN) Shares Up 9% – Still a Buy?

Posted by on Nov 3rd, 2026

IREN Limited (NASDAQ:IREN – Get Free Report) shares shot up 9% during trading on Tuesday. The stock traded as high as $24.02 and last traded at $24.0080. Approximately 9,894,001 shares changed hands during trading, a decline of 77% from the average session volume of 43,466,371 shares. The stock had previously closed at $22.02.

Wall Street Analyst Weigh In

IREN has been the subject of several recent analyst reports. Morgan Stanley cut IREN to a “buy” rating in a research note on Wednesday, September 2nd. HC Wainwright restated a “buy” rating and set a $90.00 price objective on shares of IREN in a research report on Friday, August 28th. Citigroup restated a “market outperform” rating on shares of IREN in a report on Friday, August 28th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $100.00 target price on shares of IREN in a research report on Thursday, August 13th. Finally, Freedom Capital upgraded shares of IREN from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.69.

Check Out Our Latest Report on IREN

IREN Price Performance

The company has a debt-to-equity ratio of 1.80, a quick ratio of 3.55 and a current ratio of 3.55. The company has a 50-day moving average of $37.39 and a 200-day moving average of $44.26. The firm has a market capitalization of $9.42 billion, a price-to-earnings ratio of -10.16 and a beta of 4.26.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Situational Awareness LP raised its position in shares of IREN by 34.5% in the 1st quarter. Situational Awareness LP now owns 11,698,835 shares of the company’s stock valued at $401,036,000 after buying an additional 2,998,214 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of IREN by 58.4% during the 1st quarter. Bank of America Corp DE now owns 2,138,619 shares of the company’s stock valued at $73,312,000 after purchasing an additional 788,547 shares during the last quarter. Swiss National Bank acquired a new position in IREN during the 1st quarter worth approximately $33,032,000. Amundi boosted its position in IREN by 3,865.8% in the first quarter. Amundi now owns 845,113 shares of the company’s stock valued at $28,970,000 after buying an additional 823,803 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of IREN during the first quarter worth $20,878,000. 41.08% of the stock is currently owned by institutional investors.

About IREN

(Get Free Report)

IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on bitcoin mining and high-performance computing. The company develops and operates data centers designed to support energy-intensive computing applications, including bitcoin mining and artificial intelligence (AI) cloud services.

IREN’s operations are supported by company-owned electrical infrastructure, data centers and computing hardware. Its bitcoin mining business uses specialized application-specific integrated circuit (ASIC) machines, while its AI cloud offering is designed to provide access to advanced computing resources for AI development and other high-performance computing workloads.

Founded in 2018 and headquartered in Sydney, Australia, IREN has developed data center operations in North America, including facilities in British Columbia, Canada, and Texas.

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