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Famous TV host Jim Kramer A “sell” rating was issued on the prominent AI infrastructure stock, which has been under pressure in recent weeks despite several bullish catalysts and tailwinds.
The stock in question is Australia Bitcoin (CRYPTO: BTC) miner turned AI infrastructure company, IRELAND LIMITED (NASDAQ: IREN ), which after a monumental rally this year, has seen a big pullback over the past few weeks.
In a short and cryptic post on Monday, X, the host of CNBC’s “Mad Money” said, “Eren? Time to sell..ha!” Without any further details to explain either his post, or his approach to the company. This comes after the stock fell 11.59% during the day, closing 53.84% below its 52-week high in November.
Don’t forget: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends, would you invest in it?
Cramer was bullish on the stock until a month ago, saying he had doubted it in the past, but “it doesn’t matter” given the sheer scale of demand for AI compute resources.
However, he changed his view of the company earlier this month after announcing a $2 billion convertible note offering.
Cramer called the move an unnecessary dilution of shareholders’ equity, as did other major investors. Eric Jackson EMJ Capital defended this as a much-needed “balance sheet clean-up”.
Also See: AI Marketing Platform Backed By Insiders At Google, Meta And Amazon – Invest At $0.85/Share
Irene has been under pressure for the past six weeks despite a multi-year contract worth $9.7 billion Microsoft Corporation (NASDAQ: MSFT ) earlier last month, making it the largest deal in the AI infrastructure space.
Analysts at B. Riley, however, see the stock’s pullback as a buying opportunity, while reiterating their “buy” rating, with a price target of $74 per share, which is 108.56% above current levels.
Analysts said the drawdown was an “emotion-driven reset,” rather than something wrong with the company’s fundamentals, according to a report by CoinDesk.
The consensus price target for the stock stands at $56.93, with the high-end of the target at $136.00, which represents upside of 60.45% and 283.31%, respectively.
Shares of Iron fell 11.59% on Monday, closing at $35.48, and are down 2.82% overnight. The stock scores high on Momentum In Benzinga’s Edge Stock RankingsWith a favorable price trend in the long run. Click here for a deeper insight into the stock, its peers and competitors.
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The article Jim Cramer Says It’s ‘Time to Sell’ Amid AI Infrastructure Stock Steep Pullback, Despite New Shares, Bullish Analyst Ratings originally appeared on Benzinga.com.
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