IREN Short Interest Falls 9.51%, Less Than Peer Average

IREN's short interest as a percent of float has fallen 9.51% since its last report, with 28.18 million shares sold short, representing 10.75% of available shares. This decrease in short interest may indicate a shift in market sentiment towards the company. Peer comparison shows that IREN has more short interest than most of its peers, with an average of 7.46% short interest as a percentage of float.

IREN Limited (IREN) has experienced a significant decrease in its short interest as a percentage of float. As of the latest report, the company's short interest has fallen by 9.51%, with 28.18 million shares sold short, representing 10.75% of available shares IREN at the Crossroads of Bitcoin Cycles and AI Infrastructure Demand^[1]. This decrease in short interest may indicate a shift in market sentiment towards the company. Peer comparison shows that IREN has more short interest than most of its peers, with an average of 7.46% short interest as a percentage of float.

IREN, previously known as Iris Energy, is a Bitcoin miner that has seen impressive financial performance. The company has returned a remarkable 268% year-to-date and has gained 368% over the past 12 months IREN at the Crossroads of Bitcoin Cycles and AI Infrastructure Demand^[1]. Its Bitcoin mining operations generated $485 million in revenue in the last fiscal year, contributing to the company's profitability. IREN's Bitcoin mining side has carried the firm to profitability, with net income of $87 million in the last fiscal year, up from a $29 million net loss the previous year IREN at the Crossroads of Bitcoin Cycles and AI Infrastructure Demand^[1].

In addition to its Bitcoin mining operations, IREN is investing heavily in its high-capacity data centers to accommodate AI applications. The company currently owns four data centers and is in the process of building two more. The Sweetwater facility, one of the new projects, is designed to handle AI workloads and features 2 GW of capacity IREN at the Crossroads of Bitcoin Cycles and AI Infrastructure Demand^[1]. IREN's strategic partnership with Nvidia, the leading AI chipmaker, is expected to drive significant growth in its AI Cloud business. The company estimates $200 million to $250 million in annualized revenue from its AI Cloud business by December 2025 IREN at the Crossroads of Bitcoin Cycles and AI Infrastructure Demand^[1].

IREN's stock has been performing well, closing at an all-time high of $34 on August 25, 2023 Crypto Stocks to Watch: IREN, Bitdeer, and Soluna Poised for Gains^[2]. The company's growth in AI cloud infrastructure, now at 10,900 NVIDIA GPUs, with plans to expand by 60,000 units across Canadian campuses, reinforces its strategy to scale AI computing Crypto Stocks to Watch: IREN, Bitdeer, and Soluna Poised for Gains^[2]. Despite the high P/E ratio of 95, IREN has a more reasonable forward P/E ratio of 37 IREN at the Crossroads of Bitcoin Cycles and AI Infrastructure Demand^[1].

The decreasing short interest and the company's strong performance in both Bitcoin mining and AI cloud services position IREN as a stock to watch. However, potential risks include market volatility and competition in the AI infrastructure market. Investors should closely monitor IREN's progress and the broader crypto market trends.