10 Best Cheap Stocks to Buy Under $10

6. IREN Ltd. (NASDAQ:IREN)

Share Price as of April 22: $5.51

Forward P/E Ratio as of April 22: 4.88

Number of Hedge Fund Holders: 44

IREN Ltd. (NASDAQ:IREN) owns and operates bitcoin mining data centers. It also provides high-performance computing solutions, which include AI cloud services. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024. On February 14, B. Riley analyst Nick Giles raised the stock’s price target to $21 from $19 while keeping a Buy rating.

In the company’s February 2025 update, IREN reported that its AI Cloud Service was near full utilization by the end of the month. This high demand is being driven by the need for advanced processing power, specifically NVIDIA H100/H200 chips. To support the rapid scaling of its AI and cloud computing infrastructure, IREN is implementing direct-to-chip liquid cooling systems in its existing data centers.

This cooling technology will allow for more efficient operation and the deployment of high-density computing hardware required for AI workloads. IREN Ltd. (NASDAQ:IREN) is also expanding its data center infrastructure. On March 17, the company announced the signing of a 600MW grid connection agreement with AEP Texas Inc. for its West Texas Sweetwater 2 project. This agreement will help advance IREN’s 2GW Sweetwater data center hub.