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 due to increased interest in cryptocurrency-related stocks. Ethereum's price spike and optimism about spot Ethereum ETFs have contributed to this interest. Iris Energy reported mining 1,003 Bitcoin in Q1, with revenue of $53.4 million. The stock is trading above its 50-day moving average and has a 1-year price target of $9.85.
May 21, 2024 | 5:52 pm
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Iris Energy shares are up 17% due to increased interest in cryptocurrency stocks, driven by Ethereum's price spike and optimism about spot Ethereum ETFs. The company reported mining 1,003 Bitcoin in Q1 with $53.4 million in revenue.
The surge in Iris Energy's stock is directly linked to the increased interest in cryptocurrency stocks, particularly due to Ethereum's price spike and the potential approval of spot Ethereum ETFs. The company's strong Q1 results further support the positive sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100