IREN shares drop as Anthropic deal enthusiasm fades

IREN shares fell 5.0% in morning trading on Tuesday, erasing gains from Monday after reports surfaced that the company had secured a multi-year cloud computing agreement with Anthropic.

The report identified Anthropic as the unnamed "leading frontier AI lab" that IREN's co-CEO mentioned during the company's August earnings call. Neither IREN nor Anthropic officially confirmed the deal.

The stock is now trading below its 20-day, 50-day, and 200-day moving averages. IREN has declined nearly 20% over the past month.

B. Riley maintained its Buy rating on IREN but reduced its price target to $91 from a previous level. The consensus average price target among analysts stands at approximately $81.

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