Why Iren Stock Skyrocketed Almost 10% Today
Over the past few stock market trading sessions, investors have become progressively more bullish on the future of crypto miner and data center company (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 500's (SNPINDEX: ^GSPC) 0.3% improvement.
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.
Source Fool.com
