Options Traders Load Up on This Struggling Data Center Stock

Usually, the stocks that see the most options volume week-to-week are the familiar faces. So when data center symbol and AI infrastructure stock IREN Ltd (NASDAQ:IREN) popped up on Senior Quantitative Analyst Rocky White's list of names that saw the most options volume over the past two weeks, we had to take a look.

IREN saw more than 4.7 million calls and 3 million puts exchanged during this time frame. The January 2027 40-strike call is home to peak open interest, while the November 22 and 25 calls are the most active contracts today. 

IREN  is down 0.6% to trade at $21.50 today, after J.P. Morgan Securities trimmed its price target to $55 from $65. The shares hit a 52-week low of $17.15 on Thursday amid the massive market selloff, and are 43% lower on the year.

Despite the year-to-date deficit, 13 of the 17 brokerages in coverage maintain "strong buy" ratings, with zero "sells" on the books. Plus, the consensus 12-month price target of $58.33 is a 172% premium from its current perch. More underperformance on the charts could lead to more bear notes from the analyst community.