JPMorgan upgrades IREN to Overweight from Underweight, raising PT to $65 from $46; neocloud pricing power is shifting.
JPMorgan Chase & Co. upgraded IREN (NASDAQ: IREN) from an underweight to an overweight rating in a research report issued Monday, raising its price target from $46.00 to $65.00. The revised target implies a potential upside of 48.30% from the stock’s current trading level.
Several other firms recently updated their views on IREN. Goldman Sachs Group reiterated a neutral rating on July 20. B. Riley Financial upgraded to a buy rating and lifted its price target from $88.00 to $96.00 on June 4. HC Wainwright restated a buy rating with a $90.00 target on August 28. Sanford C. Bernstein reaffirmed an outperform rating and set a $100.00 price target on August 13. Conversely, Weiss Ratings downgraded IREN from a sell (D+) to a sell (D) rating on August 31. Aggregating these assessments, MarketBeat data shows one strong buy, sixteen buys, three holds, and one sell recommendation, resulting in a moderate buy consensus and an average price target of $82.93.
IREN shares opened at $43.83 on Monday, trading within a 1-year range of $28.93 to $76.87. The company carries a market capitalization of $17.27 billion, a negative price-to-earnings ratio of -18.73, and a beta of 4.28. Balance sheet metrics include a debt-to-equity ratio of 1.80, alongside both quick and current ratios of 3.55. Technically, the stock’s 50-day moving average stands at $40.29, while its 200-day moving average is priced at $45.56.
Institutional and hedge fund positioning shifted notably during the second quarter. Invesco Ltd. increased its holdings in shares of IREN by 45.9% in the second quarter. Invesco Ltd. now owns 2,974,674 shares of the company's stock valued at $43,341,000 after buying an additional 936,333 shares in the last quarter. StoneX Group Inc. acquired a new position in shares of IREN in the 2nd quarter worth $158,000. NewEdge Advisors LLC grew its holdings in shares of IREN by 245.0% in the 2nd quarter. NewEdge Advisors LLC now owns 43,281 shares of the company's stock worth $631,000 after acquiring an additional 30,736 shares during the last quarter. Sei Investments Co. acquired a new stake in shares of IREN during the second quarter worth $2,333,000. Finally, Peapack Gladstone Financial Corp raised its position in shares of IREN by 30.0% during the second quarter. Peapack Gladstone Financial Corp now owns 18,200 shares of the company's stock worth $265,000 after purchasing an additional 4,200 shares during the period. 41.08% of the stock is owned by institutional investors and hedge funds.
IREN Limited, formerly known as Iris Energy Limited, is a data center infrastructure company focused on high-performance computing. The company develops and operates data centers powered by renewable energy and uses this infrastructure primarily for Bitcoin mining and, increasingly, artificial intelligence and other GPU-intensive cloud-computing applications. IREN designs, builds and operates its own data centers, providing access to electrical power, computing hardware and related infrastructure.