On June 11, IREN Ltd rose 5.01% in regular trading, trading at approximately $53.16/share, with trading volume of $4.85 billion. The stock rebounded sharply after dipping as low as $51.27 earlier in the session.

On the news front, B.Riley raised its target price on IREN from $88 to $96 while maintaining a Buy rating, citing an optimistic outlook on the company's AI computing power transformation. The upgrade provided a catalyst for recovery after the stock had retreated significantly from its early June highs.

The prior selloff was triggered by concerns over financial leverage following IREN's completion of a $3.65 billion investment-grade GPU financing, which brought total convertible notes to $3.7 billion. The company's latest quarterly EPS of -$0.25 further underscored that profitability has yet to materialize. However, fundamental catalysts including a $9.7 billion computing agreement with Microsoft and up to $2.1 billion in investment from NVIDIA continue to provide underlying support, driving the current oversold rebound.

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