The IREN stock price surged to a record high on Friday, Aug. 29, after the Bitcoin mining company published strong financial results, leading to a set of analyst upgrades.
Summary
- IREN stock price jumped to a record high after strong financial results.
- Wall Street analysts are upbeat about the company as it pivots to AI.
- Technical analysis points to a brief pullback in the near term.
IREN jumped to a high of $28.50, up by 2,770% from its lowest point in 2023, giving it a market capitalization of over $7.3 billion. It has soared by over 140% this year.
Analysts boosts IREN stock forecast after earnings
IREN, a top Bitcoin (BTC) miner and an upcoming AI data center operator, received strong bullish calls from analysts after it reported strong financial results.
Darren Aftahi, an analyst from Roth MKM, boosted his target from $26 to $35 as he maintained a buy rating. Joseph Vafi of Cannacord Genuity boosted the forecast to $37, while Nick Giles of B. Riley hiked it to $29.
These analysts were reacting to the company’s financial results, which showed that its Bitcoin mining and AI data center businesses boomed in the second quarter.
IREN’s revenue jumped by 255% in Q4’25 to $187.5 million. This growth was driven by its mining operations, which generated $180 million, and its AI cloud revenue, which increased to $7 million.
IREN’s mining business benefited from a jump in hash rate, which boosted its Bitcoin production and higher BTC prices. Its recent production report showed that it mined over 700 coins in July.
IREN is working to become a major AI cloud business as the boom continues. It hopes to reciprocate CoreWeave’s business to offer an AI workload for developers. In this regard, it has placed orders for thousands of Blackwell chips from Nvidia.
Analysts are upbeat about IREN’s business, with the average revenue estimate for the current quarter being $240 million, a 342% annual increase. Its annual revenue will jump to $1.1 billion this new financial year.
IREN share price analysis
The weekly timeframe chart shows that the IREN stock has been in a strong bull run this year. This trend accelerated when the company published its financial results.
IREN share price remains comfortably above the crucial resistance level at $15.90, where it formed a double-top pattern in 2024. It is also much higher than the moving averages.
Therefore, the most likely scenario is where it plunges and retests the support at $15.90 and then resumes the uptrend. This performance is known as a break-and-retest and is a common continuation sign.
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