What's going on with Bitcoin miner Iris Energy's stock? – Iris Energy (NASDAQ:IREN)

Iris Energy Co., Ltd. (NASDAQ:IREN) shares are rising in Tuesday trading on growing interest in cryptocurrency-related stocks. Let's take a look at what's going on.

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Ethereum (Cryptocurrency: ETH) soars on Monday afternoon as optimism grows over the potential approval of the Spot Ethereum ETF after analysts raised the probability of approval from 25% to 75% .

Ethereum is up 21.9%, Bitcoin (Cryptocurrency: BTC) rose 3.8% in the past 24 hours as expectations for news regarding ETFs increased.

Iris Energy reported its first quarter results last week and announced that it mined 1,003 Bitcoins during the quarter. The company said the decline in Bitcoin production was primarily due to the rise in global hashrate during the period.

Bitcoin mining revenue was $53.4 million compared to $42 million in Q2 2024 due to increased operating hashrate and higher Bitcoin prices.

Iris Energy shares are trading well above its 50-day moving average of $5.13 and below its 52-week high of $9.69, according to data from Benzinga Pro.

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IREN stock price prediction 2024:

Stock research is a valuable source of information about a company's fundamentals. Analysts create financial models to arrive at stock price targets and recommendations based on a company's fundamentals and expected future earnings.

The average one-year price target for Iris Energy stock is $9.85, which corresponds to a forecast upside of 40.31%.

Different assumptions can lead analysts to arrive at very different price targets and recommendations. No analysts have a bearish rating on Iris Energy, while 10 have a bullish rating. Canaccord Genuity has a high target of $12 and a low of $9.

IREN price action: Iris Energy shares were up 17% at $7.44 as of publication Tuesday, according to Benzinga Pro.

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