Bitcoin Miner Iris Energy Releases September Update: What To Know
Portfolio Pulse from Erica Kollmann
Iris Energy Limited (NASDAQ:IREN) reported a 42% increase in revenue for September, mining 347 Bitcoin and reducing electricity costs by 21%. The company expanded its GPU fleet and aims to increase capacity to 31 EH/s by Q4 2024. Analysts maintain positive ratings with a price target of $16.5.
October 04, 2024 | 2:16 pm
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Iris Energy's September update shows a 42% revenue increase and improved efficiency, boosting investor confidence. The stock is trading above its 50-day moving average, with analysts maintaining positive ratings and a $16.5 price target.
The significant revenue increase and cost reduction indicate operational improvements, likely boosting investor sentiment. The stock's movement above the 50-day moving average and positive analyst ratings suggest potential short-term price appreciation.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100