IREN Limited (NASDAQ:IREN) shares are trading higher Wednesday following positive analyst coverage from Arete Research. Here’s what you need to know.
What Happened: Arete Research initiated coverage on IREN on Wednesday with a Buy rating and price target of $78. The Street-high target on IREN is currently $82 and the Street-low target is at $10, according to Benzinga data.
The bullish initiation comes after Roth Capital maintained a Buy rating and raised its price target to $82 on Tuesday. Other recent analyst changes include a price target increase to $42 from Canaccord and a price target increase to $32 from BTIG.
At the beginning of the week, IREN announced expanded AI cloud capacity and introduced new revenue guidance. Shares are now up approximately 28% over the past five trading sessions.
The company announced the purchase of $674 million worth of GPUs from Nvidia on Monday. The expanded fleet of GPUs is expected to increase IREN’s AI cloud annualized run-rate revenue (ARR) to $500 million by the first quarter of 2026.
“Doubling our fleet to more than 23,000 GPUs in just a few months highlights the strength of our vertically integrated platform and our ability to meet urgent, long-term demand,” said IREN CEO Daniel Roberts. “The shift toward pre-contracting ahead of delivery provides further momentum for the growth of our AI Cloud business.”
IREN Price Action: IREN shares have rallied more than 500% over the past six months. The stock hit new 52-week highs on Wednesday. IREN was up 15.94% on Wednesday, trading at $47.47 at last check. The stock is well off its 52-week low of $5.12.
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