Why Iren Stock Leaped 17% Higher on Wednesday

Key Points

• No less than three analysts weighed in with new takes on the specialized tech company.

• All are quite bullish on its prospects.

• 10 stocks we like better than Iren ›

Iren (NASDAQ: IREN) easily surmounted the hump of Hump Day, with its shares closing the day more than 17% higher in price. That was on the back of no less than three positive analyst notes, which greatly improved sentiment on the company. Its rise easily topped the performance of the S&P 500 index, which ended the day down 0.3%.

Pivoting profitably

Of the three analyst moves on Iren, one was an initiation of coverage while the other two were price target increases.

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The initiation came from researcher Arete; in fact the firm launched its tracking of three Bitcoin miners. Besides Iren, it's now following the fortunes of Riot Platforms and Cipher Mining. All three have been flagged as buys, with Iren being tagged with a $78-per-share price target.

Of the trio, Iren is the most fluid company, as it's currently pivoting into the data center segment. According to reports, Arete believes management is being clever in having the company self-fund its data center construction. At the same time it recently announced an upgrade of its Bitcoin mining hardware. Both moves should boost its fundamentals.

Monster raises

As for the two Iren price target bumps, the first came from Roth/MKM's Darren Aftahi. In maintaining his buy recommendation on the stock, he more than doubled his fair value assessment to $82 per share from the preceding $35.

His peer Gautam Chhugani of Bernstein SocGen lifted his price target even higher, tripling it and then some from $20 per share to $75. He also kept his equivalent of a buy recommendation intact.

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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.