IREN Ltd. (IREN) stock rose more than 3% Friday as investors returned to artificial intelligence infrastructure stocks and the broader technology sector rallied.
The Nasdaq is up 1.04%, while the S&P 500 has gained 0.64%. Technology is leading all sectors with a 1.13% advance.
The move may also reflect a recovery after a sharp selloff. An Oct. 1 MarketDash report noted that IREN had lost about 18% from its Sept. 22 close as investors questioned the cost of the company's aggressive AI expansion plans.
IREN also benefited from positive read-through from peer Applied Digital Corporation (APLD). Applied Digital said Friday that its Polaris Forge 1 campus in Ellendale, North Dakota, now has 250 megawatts of fully operational, fully leased capacity.
The Applied Digital update helped drive buying across AI data-center operators, providing an additional tailwind for IREN shares.
Technical Analysis
IREN is attempting to rebuild momentum after a weaker longer-term stretch.
The stock is down 11.19% over the past 12 months. It remains 10% below its 100-day simple moving average of $46.35 and 8.5% below its 200-day SMA of $45.57.
However, IREN is trading 0.7% above its 50-day SMA of $41.40. Holding above that level could help support the intermediate trend.
The relative strength index stands at 46.87. That is a neutral reading and suggests the stock is neither overbought nor oversold.
The moving-average setup remains mixed. The 20-day SMA is above the 50-day SMA, which supports the near-term trend. However, the 50-day SMA remains below the 200-day SMA following an August death cross.
Key resistance sits near $49. Support is around $35. IREN's 52-week low is $28.93.
Analyst Outlook
IREN carries a Buy consensus rating with an average price forecast of $77.33.
B. Riley Securities maintained a Buy rating while lowering its price forecast to $91 on Sept. 29. Rothschild initiated coverage with a Neutral rating and a $40 forecast on Sept. 21. Northland Capital Markets initiated coverage with an Outperform rating and a $99 forecast on Sept. 18.
Momentum Scorecard
IREN has a Neutral Momentum score of 51.02 on the market data scorecard.
The reading reflects a stock with improving near-term momentum but a mixed longer-term trend. A sustained move above the $44-to-$46 area could strengthen the technical picture.
Price Action
IREN Stock Price Activity: IREN shares were up 3.40% at $42.03 at the time of publication Friday, according to market data.
