TradingKey – IREN Limited (NASDAQ: IREN) is currently trading near $42, where it is encountering resistance within a downward-trending channel. This move follows a significant pullback of approximately 11-12% since early July. The sell-off coincided with news that Meta might rent out some of its surplus artificial intelligence computing power and was triggered by a Bernstein research report suggesting that IREN hasn’t been as successful as other peers in establishing enterprise clients outside its Microsoft partnership.

However, the overall Wall Street view of IREN remains positive. Thirteen analysts rate the stock a Buy and have set an average price target of $76.23 for IREN based on the company’s $9.7 billion contract with Microsoft,…