Why Iren Stock Skyrocketed Almost 10% Today

Key Points

• Hardly for the first time in recent days, an analyst raised his price target on the crypto miner and data center builder.

• In fact, he more than doubled that target.

• 10 stocks we like better than Iren ›

Over the past few stock market trading sessions, investors have become progressively more bullish on the future of crypto miner and data center company Iren (NASDAQ: IREN). At least some of this improving sentiment has to do with positive analyst takes; sure enough, on Monday, a pundit's monster price target increase helped lead another bull run on the shares.

When the dust cleared, Iren's stock had gained almost 10% in value, a rate that easily surpassed the S&P 500's (SNPINDEX: ^GSPC) 0.3% improvement.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »

Another bull gets more bullish

Before market open that day, Compass Point's Michael Donovan pulled the lever on that raise, and it was a doozy. He cranked his Iren fair-value assessment more than 100% higher, to $50 per share, from the preceding $23. At the risk of stating the obvious given such a bullish move, he maintained his buy recommendation.

Image source: Getty Images.

Similar to other analysts, Donovan's sunnier take on Iren's future is based on the business pivot it's currently undergoing, according to reports. While maintaining its foundational Bitcoin mining operations, management is assertively pushing into data center buildouts.

What's appealing about this is that such facilities have great potential, given the increased resource requirements of artificial intelligence (AI) technology, which represents quite the leap over existing tech.

Low supply means high potential

To Donovan, Iren's recent purchases of hardware to bolster its AI-supporting infrastructure are clear indications of its devotion to the pivot. He finds this particularly encouraging, as the general supply of high-density computing resources should be limited over the next few years.

Should you invest $1,000 in Iren right now?

Before you buy stock in Iren, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Iren wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $652,872!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,092,280!*

Now, it’s worth noting Stock Advisor’s total average return is 1,062% — a market-crushing outperformance compared to 189% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.

See the 10 stocks »

*Stock Advisor returns as of September 29, 2025

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