On June 15, IREN Ltd rose 6.56% in pre-market trading, trading at $63.25/share, with turnover of $6.8557 million.

On the news front, B.Riley raised IREN's target price from $88 to $96 while maintaining a Buy rating, reflecting an optimistic outlook on the company's AI computing power transformation. Additionally, CEO recently signaled further computing capacity expansion plans, boosting market confidence in the company's growth trajectory.

IREN had previously come under heavy selling pressure after completing a $3.65 billion investment-grade GPU financing, which raised concerns over elevated financial leverage. The stock retreated sharply from its early June highs, with total convertible notes reaching $3.7 billion. The current rebound reflects oversold recovery demand following the digestion of prior selling pressure. Fundamental tailwinds including a $9.7 billion computing power agreement with Microsoft, up to $2.1 billion in investment from NVIDIA, and a South Australia 800MW data center transmission connection agreement continue to provide underlying support for the stock price.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)