--- title: "Weekly Recap | IREN 2X Long ETF -16.94%, most brokers rate it buy" type: "News" locale: "en" url: "https://longbridge.com/en/news/302942104.md" description: "IRE.US fell 16.94% this week to close at $3.09, while the S&P 500 slipped 0.47%, leaving the ETF about 16.47 percentage points behind the benchmark. Weekly amplitude reached 27.63%, with the pattern best described as a failed rally: Monday opened at $4.09 and hit $4.20 intraday, then the ETF drifted lower through the rest of the week, touching $3.07 on Thursday before settling at $3.09 on Friday." datetime: "2026-10-24T04:28:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/302942104.md) - [en](https://longbridge.com/en/news/302942104.md) - [zh-HK](https://longbridge.com/zh-HK/news/302942104.md) generator: "portal-rs" --- # Weekly Recap | IREN 2X Long ETF -16.94%, most brokers rate it buy ## The Week IRE.US fell 16.94% this week to close at $3.09, while the S&P 500 slipped 0.47%, leaving the ETF about 16.47 percentage points behind the benchmark. Weekly amplitude reached 27.63%, with the pattern best described as a failed rally: Monday opened at $4.09 and hit $4.20 intraday, then the ETF drifted lower through the rest of the week, touching $3.07 on Thursday before settling at $3.09 on Friday. ## IREN This Week Underlying IREN fell 7.73% to close at $24.905, with weekly amplitude of 13.81%. The path tracked the ETF closely: a modest gain on Monday, a drop to $26.62 on Tuesday, a rebound to $27.84 on Wednesday, then a sharp slide to $25.51 on Thursday and further weakness into the final close of $24.905, near the 60-day range low of $24.855. ## Leverage & Decay IRE.US offers 2x exposure to IREN’s daily move, but it replicates daily returns, not two times the weekly return. The computed numbers show the gap: with IREN down 7.73% for the week, a simple 2x would be about -15.46%, while the ETF actually printed -16.94%, or 1.48 percentage points worse. That difference comes from daily rebalancing. When the underlying bounces and then sells off in a choppy path, daily resets amplify decay, so holding the ETF does not equal 2x cumulative returns over longer stretches. ## IREN News The week’s news flow was dominated by swings across the neocloud sector. IREN appeared in intraday declines of nearly 8% on both Tuesday and Thursday, alongside items about Korean peer Elice falling on debut and short sellers booking $6 billion in profits on AI infrastructure names. On Wednesday, IREN rallied intraday after announcing plans for a 300MW data-centre campus in Spain, with some call options jumping sharply. By Friday’s after-hours session the shares touched a 52-week low, even as headlines noted analysts still see over 200% upside. ## IREN — Analyst Ratings Coverage on IREN currently breaks down as 13 buy, 3 overweight and 4 hold ratings across 20 institutions, with no underweight or sell ratings. The consensus rating is buy, and the consensus target price sits at about $77.81, roughly 212.4% above the latest close of $24.905. The target range runs from $37.00 to $139.00, indicating wide dispersion. Within the application software industry, IREN ranks 32nd out of 208 names by analyst rating. ## The Week Ahead IREN has published an update to its financial calendar: fiscal Q1 2027 results are due after the market close on 5 November, with estimates at a $0.724 loss per share on $229m of revenue. Before that, next week brings a dense run of US macro data on 27 October, including durable goods orders, FHFA house prices, the Case-Shiller index and consumer confidence, all of which could shape the market’s read on funding costs and risk appetite for the neocloud complex. ## In Short IRE.US’s decline this week was not a standalone move: underlying IREN lost 7.73%, the 2x ETF amplified that to -16.94%, and the fund trailed the S&P 500 by about 16.47 percentage points. On the rating side, most brokers rate IREN buy and the consensus target is far above spot; on the tape, pressure came from sector rotation and short-selling sentiment in neocloud names. The open question now is whether the 5 November earnings print can provide concrete answers on revenue and funding, and whether macro data next week steadies the sector’s mood. *This article is generated by LongbridgeAI from market data, for information only and not investment advice.* ### Related Stocks - [IRE.US](https://longbridge.com/en/quote/IRE.US.md) ## Related News & Research - [IREN Stock: Why Analysts Still See Over 200% Upside Despite This Week's Plunge](https://longbridge.com/en/news/302922686.md) - [IREN to Advance Europe’s Sovereign AI Ambitions with 300MW Spanish Campus | IREN Stock News](https://longbridge.com/en/news/302557524.md) - [Crypto Strategist Who Nailed 2025 Bitcoin Top Warns BTC Could Drop Below $70,000 – Here’s His Price Target](https://longbridge.com/en/news/302980144.md) - [MSC Industrial Direct (MSM) Posts Strong Results, Is The Stock Still A Bargain?](https://longbridge.com/en/news/302977827.md) - [Bank of Hawaii earnings: what to look for from BOH](https://longbridge.com/en/news/302975971.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**