IREN Limited (NASDAQ:IREN) shares climbed on Monday. This move follows a massive power milestone in Texas and heavy investor positioning.
The Nasdaq is down 0.38% while the S&P 500 has shed 0.48%.
Sweetwater 1 Hits Grid Milestone
The company announced the successful energization of its 1.4 gigawatt (GW) Sweetwater 1 data center site. This connects the high-voltage substation to the ERCOT grid. This site serves as a foundation for the broader 2GW Sweetwater campus.
CEO On Infrastructure Execution
Management credited the “disciplined execution” of their vertically integrated model. Co-CEO Daniel Roberts stated, “Delivering Sweetwater 1 substation energization on schedule reflects our disciplined execution, the strength of our supply chain relationships and the efficiency of our vertically integrated development model.”
Focus Shifts To Earnings
The market now eyes the May 7 earnings report. Analysts estimate a loss per share of 24 cents. However, revenue is projected to jump to $218.03 million.
IREN Stock: Key Levels and Trends to Watch
IREN is sitting in the upper half of its 52-week range ($6.01 to $76.87), which is consistent with a longer-term uptrend still being respected even after pullbacks. The stock is trading 12.6% above its 20-day simple moving average (SMA) and 14% above its 100-day SMA.
The moving average picture is still a bit mixed under the hood: the 20-day SMA is above the 50-day SMA (bullish), but the death cross in May (50-day falling below the 200-day) is a reminder that longer-term trend followers may still be watching for follow-through.
Over the last 12 months, the stock is up 709.61%.
- Key Resistance: $54
- Key Support: $48.50
IREN Stock Price Activity: Iren shares were up 10.47% at $50.44 at the time of publication on Monday, according to Benzinga Pro data.
Photo by T. Schneider via Shutterstock
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