IREN Stock Rises 2% Amid Analyst Momentum and AI Expansion
IREN Ltd.'s stock price rose about 2% on Tuesday, thanks to positive analyst momentum and the company's continued expansion into higher-margin artificial intelligence cloud infrastructure. The company operates renewable-energy-powered data centers in the U.S. and Canada, with businesses including Bitcoin mining and AI cloud infrastructure.
The stock remains above its key moving averages, including the 20-day, 50-day, 100-day, and 200-day moving averages. It is also trading near the $49 resistance area, which buyers have kept the stock near. The company's technical momentum is improving, with the moving average convergence divergence indicator above its signal line and a positive histogram.
Despite this, IREN still has a death cross from August, with its 50-day moving average below the 200-day average. Traders are watching resistance near $49 and support around $41. Analysts have been upgrading their price forecasts for the company, with Northland Capital Markets starting coverage with an Outperform rating and a $99 price forecast.