Stock Traders Buy Large Volume of Call Options on IREN (NASDAQ:IREN)

IREN Limited (NASDAQ:IREN) was the target of unusually large options trading activity on Thursday. Stock traders bought 338,912 call options on the company. This represents an increase of 38% compared to the typical daily volume of 244,754 call options.

IREN Stock Up 7.5%

IREN stock opened at $52.02 on Friday. The firm has a market capitalization of $17.29 billion, a P/E ratio of 39.11 and a beta of 4.30. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.96 and a quick ratio of 4.96. The company’s 50 day simple moving average is $41.28 and its 200-day simple moving average is $47.61. IREN has a 52-week low of $5.72 and a 52-week high of $76.87.

IREN (NASDAQ:IREN) last released its quarterly earnings data on Thursday, February 5th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.37). The company had revenue of $184.69 million during the quarter, compared to analyst estimates of $229.64 million. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company’s revenue was down 23.1% on a year-over-year basis. As a group, equities research analysts anticipate that IREN will post -0.8 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Situational Awareness LP increased its stake in IREN by 20.5% in the 4th quarter. Situational Awareness LP now owns 8,700,621 shares of the company’s stock valued at $328,622,000 after buying an additional 1,480,200 shares during the period. Marex Group plc increased its stake in IREN by 14,216.7% in the 4th quarter. Marex Group plc now owns 4,471,263 shares of the company’s stock valued at $168,880,000 after buying an additional 4,440,032 shares during the period. BNP Paribas Financial Markets acquired a new position in IREN in the 4th quarter valued at approximately $158,677,000. Value Aligned Research Advisors LLC grew its position in IREN by 18.6% in the third quarter. Value Aligned Research Advisors LLC now owns 3,873,337 shares of the company’s stock worth $181,776,000 after acquiring an additional 607,189 shares in the last quarter. Finally, Clear Street Group Inc. bought a new stake in IREN in the fourth quarter worth approximately $137,075,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IREN. Weiss Ratings downgraded shares of IREN from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday. HC Wainwright upgraded shares of IREN from a “sell” rating to a “buy” rating and set a $80.00 target price on the stock in a report on Tuesday, January 13th. Canaccord Genuity Group reiterated a “buy” rating and issued a $70.00 target price on shares of IREN in a report on Tuesday, February 10th. Cantor Fitzgerald dropped their target price on shares of IREN to $61.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Finally, Freedom Capital upgraded shares of IREN to a “hold” rating in a report on Wednesday, April 1st. Thirteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $70.08.

More IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Sector momentum — IREN jumped alongside other AI/HPC data‑center developers as markets reprice companies with hyperscaler contracts (e.g., Microsoft, Fluidstack), boosting speculative and strategic interest in IREN’s growth narrative. Data center developers WULF, IREN jump in early trading hours
• Positive Sentiment: Unusual call buying — investors bought ~338,912 IREN call options (~38% above average), a strong short‑term bullish signal that can amplify upside and intraday volume as traders position for news or a continued momentum move. (Options data reported 4/23/2026)
• Neutral Sentiment: Upcoming earnings — IREN will report Q3 FY26 results and host a conference call on May 7, 2026 (5:00 p.m. ET). This scheduled event is likely driving positioning and volatility ahead of results. IREN to Release Q3 FY26 Results on May 7, 2026
• Neutral Sentiment: Strategic infrastructure — coverage noted IREN’s power‑grid expansion as enabling its AI/data‑center ambitions, which supports long‑term upside if execution and hyperscaler demand materialize, though near‑term revenue pressure remains a constraint. IREN’s Power Grid Expansion Fuels AI Ambitions Amid Revenue Pressure
• Neutral Sentiment: Market commentary — recent analyses highlight strong short‑term momentum and volatility (14.8% month return noted), but these pieces are observational and may reinforce momentum trading rather than change fundamentals. Evaluating IREN (NasdaqGS:IREN) After Recent Share Price Momentum And Perceived Undervaluation
• Negative Sentiment: Analyst stance and fundamentals — Freedom Capital initiated coverage with a Hold and $36 target (below current levels), citing a potentially lengthy transition from crypto exposure to AI revenue. Past reported results showed an EPS miss and y/y revenue decline, underscoring execution and near‑term revenue risk that could blunt upside if earnings disappoint. Freedom Capital Initiates Coverage of IREN Limited (IREN) With a Hold on Potentially Lengthier Conversion from Crypto to AI

IREN Company Profile

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.