Short sellers are piling into IREN at the fastest pace in months. Short interest has jumped 19.2% in a single week to 23.6% of free float. Analysts are simultaneously raising price targets — creating a rare two-sided tension in the lending market.
Short interest stood at roughly 66.9 million shares as of May 13. That's up 41.5% over the past month alone.
The pace of accumulation is accelerating. From April 23 to May 13, shorts added approximately 15.4 million shares in three weeks.
The ORTEX short score sits at 67.9 — in the top 7th percentile of all stocks by this measure. It has climbed steadily all week.
Availability has tightened sharply alongside the short-interest build. The lending pool is now roughly 11% available — meaning for every nine shares already borrowed, just one remains to be lent out.
Cost to borrow is 0.76% APR, up 88% over the past week. That's a significant move in a short period, though the rate remains relatively modest in absolute terms.
For context, IREN's 52-week utilisation peak is 100%. The current 89% reading is the highest since that peak.
Four analysts raised price targets in the past week — a striking contrast to the short-side activity.
Macquarie lifted its target to $90 (from $77), maintaining Outperform. HC Wainwright raised to $85 (from $80), reiterating Buy. BTIG moved to $80 (from $75), also Buy.
JP Morgan raised its target too — but to $46, maintaining its Underweight rating. The consensus mean sits at $75, a 36% premium to the May 13 close of $55.17.
That divergence — bulls targeting $80–$90, bears pressing short interest to multi-month highs — frames the current setup. IREN reports earnings today (May 14, after the close). Last quarter's print produced a less-than-1% one-day move.
The put-call ratio hit 0.69 on May 13 — a two-week high, and a z-score of 1.96 relative to the 20-day mean of 0.62. That reading sits toward the bullish end of the 52-week range (0.54–0.84).
Options positioning is tilted toward calls, even as short sellers press their bets.
See the live data behind this article on ORTEX.
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