What's Going On With Bitcoin-Miner Iris Energy's Stock?
Portfolio Pulse from Erica Kollmann
Iris Energy Limited (NASDAQ:IREN) shares are trading higher after announcing its 2024 expansion is fully funded with $301 million in cash and no debt. The company plans to have 460 MW of data center capacity and 20 EH/s of Bitcoin mining capacity by 2024. Analysts from Cantor Fitzgerald and Canaccord Genuity have reiterated their positive ratings on the stock, with price targets of $10 and $9, respectively. The stock has seen a 101% increase over the past year, with a 5.09% rise in the last month.
April 01, 2024 | 5:01 pm
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POSITIVE IMPACT
Iris Energy's stock is positively impacted by the announcement of its fully funded 2024 expansion, strong future mining capacity, and supportive analyst ratings.
The announcement of a fully funded expansion and no debt positions Iris Energy favorably for future growth, especially in the Bitcoin mining sector. Positive analyst ratings from Cantor Fitzgerald and Canaccord Genuity, with price targets above current levels, further bolster investor confidence. The stock's past performance and the detailed future capacity plans provide a solid basis for expecting a positive short-term impact on the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100