What's Going On With IREN Stock Tuesday?

IREN Ltd. (NASDAQ:IREN) stock rose about 2% Tuesday, supported by positive analyst momentum and the company’s continued expansion into higher-margin artificial intelligence cloud infrastructure.The stock also remained above several key moving averages. The Nasdaq gained 0.49%, while the S&P 500 slipped 0.05%.IREN Stock Holds Above Key Moving AveragesIREN’s move also reflects continued technical momentum. Buyers have kept the stock near the $49 resistance area as shares remain above several important trend indicators.The stock is trading above its 20-day, 50-day, 100-day and 200-day moving averages. It is about 13% above its 20-day simple moving average and roughly 18% above its 50-day average.The moving average convergence divergence indicator is also above its signal line, while the histogram remains positive. That points to improving momentum.However, IREN still has a death cross from August, with its 50-day moving average below the 200-day average. Traders are watching resistance near $49. Support sits around $41. See More: Top Value Stocks Analysts See Further UpsideRecent analyst actions have added to momentum around the stock. IREN carries a Buy consensus rating with an average price forecast of $77.75.Rothschild initiated coverage Monday with a Neutral rating and $40 price forecast. Northland Capital Markets started coverage Sept. 18 with an Outperform rating and $99 price forecast. JPMorgan upgraded IREN to Overweight on Sept. 14 and raised its price forecast to $65.The company operates renewable-energy-powered data centers in the U.S. and Canada. Its businesses include Bitcoin mining and artificial intelligence cloud infrastructure.The company is shifting more of its infrastructure toward AI workloads while securing additional power and land for data center expansion.Benzinga Edge RankingsThe stock has a Benzinga Edge Momentum score of 43.99, placing its momentum profile in neutral territory.Its ability to break above the $49 area while holding above its key moving averages could remain an important technical signal.IREN Price ActionIREN shares were up 2.03% at $48.19 at the time of publication Tuesday, according to Benzinga Pro.Photo via Shutterstock Read Also: Meta vs. Amazon: The Battle to Own E-Commerce’s 'Invisible Layer'