IREN shares fell 2.7% in pre-market trading amid broader technology sector weakness, following a 23% rally over the previous five sessions as investors weigh the company's AI infrastructure growth targets.
IREN shares fell 2.7% in pre-market trading amid broader technology sector weakness, following recent gains and analyst upgrades.
IREN shares retreated 2.7% to $42.65 in pre-market trading, tracking a broader decline in US technology and AI infrastructure stocks. The pullback follows a strong five-day rally of approximately 23%, fueled by recent analyst upgrades from JPMorgan and BTIG regarding the company's AI cloud expansion.
The decline is attributed to broader weakness in the technology sector and US equity markets rather than company-specific negative news.
Sentiment remains positive, with JPMorgan upgrading the stock to Overweight and BTIG maintaining a Buy rating, citing potential in AI cloud infrastructure.