IREN Ltd. (NASDAQ:IREN) shares are trending on Friday.
IREN shares climbed 1.67% to $52.89 after the bell Thursday after the Sydney-based vertically integrated AI cloud provider announced it will release financial results for the third quarter, covering the three months ended Mar. 31, on May 7.
The company will host a conference call at 5:00 p.m. ET following the release.
What Investors Should Know
IREN has transitioned from primarily Bitcoin (CRYPTO: BTC) mining to a major AI infrastructure provider, with key partnerships with Microsoft (NASDAQ:MSFT), Dell Technologies (NYSE:DELL) and Nvidia (NASDAQ:NVDA).
In February, IREN reported second-quarter earnings per share of -$0.52, missing the analyst estimate of -$0.18 by 188.89%. Revenue came in at $184.69 million versus the $228.44 million consensus, falling 19.15% short.
IREN’s short interest stands at 17.6%, adding meaningful two-way risk ahead of the third-quarter earnings.
Trading Metrics, Technical Analysis
IREN has a market capitalization of $20.76 billion, with a 52-week high of $76.87 and a 52-week low of $5.73.
The Relative Strength Index (RSI) of IREN stands at 66.76.
In early April, Cantor Fitzgerald maintained an Overweight rating on IREN while trimming its price target from $82 to $61.
Over the past 12 months, the stock has gained 752.79%.
Currently, the stock is about 65% up from its 52-week low toward the high.
IREN's long-term trend and strong positioning suggest continued upside potential.
Price Action: According to Benzinga Pro data, the stock closed the regular session at $52.02, up 7.50%.
With a strong Momentum in the 98th percentile, Benzinga’s Edge Stock Rankings indicate that IREN is experiencing positive price trend across all time frames.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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