Why Iren Stock Crushed the Market Today
Key Points
Two analysts bumped their price targets higher on the company.
Actually, they more than doubled their levels for the scorching-hot stock.
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Not for the first time this month, cryptocurrency miner and data center operator Iren (NASDAQ: IREN) stock smashed the S&P 500 index on a trading day. Tuesday saw the market push up the company's shares by more than 10%, giving them a very convincing victory over the index's 0.3% increase. The market followed the lead of two analysts significantly raising their price targets on the stock.
A pair of doubles
It's rare when a stock receives a more-than 100% price-target increase; it's rarer still when this occurs twice on the same day.
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That morning, Cantor Fitzgerald's Brett Knoblauch cranked his fair value assessment on Iren to $100 per share, quite some distance ahead of his previous level of $49. He maintained his overweight (buy, in other words) recommendation as he did so.
According to reports, Knoblauch's reasoning for the big move was based on upward adjustments he made to his estimates for Iren. He also waxed bullish about the company's concentration on a high-potential area -- artificial intelligence (AI) cloud services.
Another heavy lift
His peer Gregory Lewis at BTIG also made quite the heavy lift of his own price target. The analyst slapped a new price target on Iren of $75 per share, where previously he felt it was worth $32. Like the Cantor Fitzgerald pundit, he kept his buy recommendation intact. The reasoning behind his move wasn't immediately apparent.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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