Trump Could Revolutionize Money Starting July 25th

Jeff Brown uncovered "Project MAFA"-Trump's bold plan to return to sound money, erase U.S. debt, and trigger a wave of wealth. It could become law by July 25. Join Jeff's urgent briefing on July 16 at 8 p.m. ET to see how you could profit. If you want to get in front of it, you'll need to act quickly.

These Analysts Boost Their Forecasts On Iris Energy Following Q1 Results

Avi Kapoor
November 27, 2024

Iris Energy Ltd (NASDAQ:IREN) released results for the first quarter on Tuesday.

Iris reported first-quarter Bitcoin (CRYPTO: BTC) mining revenue of $49.6 million. The company reported a 28% increase in AI Cloud Services revenue quarter-over-quarter to $3.2 million.

Adjusted EBITDA was $2.6 million in the quarter. The company said it mined 813 bitcoin in the period and ended the quarter with $98.6 million in cash and cash equivalents. Iris noted that it had $182.4 million in cash as of Oct. 31.

"We are pleased to report our Q1 FY25 results and reiterate our focus on low-cost Bitcoin mining, operating cashflows and shareholder returns," said Daniel Roberts, co-founder and co-CEO of Iris Energy. "We are just weeks away from achieving our 31 EH/s milestone and are excited to announce the acceleration of our growth trajectory to 50 EH/s in H1 2025, which was previously H2 2025."

Iris Energy shares gained 29.1% to trade at $12.34 on Wednesday.

These analysts made changes to their price targets on Iris Energy following earnings announcement.

  • HC Wainwright & Co. analyst Mike Colonnese maintained Iris Energy with a Buy and raised the price target from $13 to $16.
  • Canaccord Genuity analyst Joseph Vafi maintained Iris Energy with a Buy and raised the price target from $15 to $17.
  • Cantor Fitzgerald analyst Brett Knoblauch maintained the stock with an Overweight and boosted the price target from $20 to $23.

Considering buying IREN stock? Here’s what analysts think:

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