What's Going On With Iris Energy Stock After Earnings?
Portfolio Pulse from Erica Kollmann
Iris Energy Limited (NASDAQ:IREN) shares surged after reporting strong fiscal-year 2024 results, with Bitcoin mining revenue increasing to $184.1 million. The company aims to achieve a 50 EH/s hash rate by 2025. Analysts have mixed price targets, with Canaccord Genuity maintaining a $15 target and HC Wainwright lowering it to $13.
August 29, 2024 | 3:14 pm
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Iris Energy reported strong fiscal-year 2024 results, with Bitcoin mining revenue reaching $184.1 million. The company plans to increase its hash rate to 50 EH/s by 2025. Analysts have mixed price targets, with Canaccord Genuity maintaining a $15 target and HC Wainwright lowering it to $13.
The strong earnings report and ambitious future goals are likely to positively impact IREN's stock price in the short term. The increase in Bitcoin mining revenue and hash rate growth are significant achievements. Analyst ratings provide mixed signals, but the overall sentiment is positive.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100