Iris Energy Co., Ltd. Airen Shares are trading higher on Tuesday after the company provided a business update on Monday and said it has sufficient funding secured for its 2024 expansion.
what happened: Iris Energy released a business update, highlighting a cash balance of $425.3 million and zero debt. Bitcoin BTC/USD The miner said that its hashrate of 30 EH/s and data center of 510MW are fully funded by the end of this year.
Iris Energy also noted that it has additional cash buffers that can provide flexibility with respect to procurement items for expansion beyond 2025, future connection agreements for additional power capacity, and other general purposes related to potential power monetization activities.
Iris said it is focused on accelerating monetization opportunities for its broader power and land portfolio in the near term. Options include asset sales, colocation deals, joint ventures, building custom data centers and expanding its existing GPU fleet.
See also: Bitcoin mining stock CleanSpark What's happening on Tuesday?
IREN Stock Price Prediction 2024
Stock research is a valuable source of information to learn about the fundamentals of a company. Analysts create financial models based on fundamental knowledge of a company and its future expected earnings to determine price targets and stock recommendations.
The one-year average target price for Iris Energy's shares is $13.83, which suggests a downside of 0.53%.
Differences in assumptions can lead analysts to arrive at vastly different price targets and recommendations. No analysts have a bearish recommendation on Iris Energy, while 6 have a bullish rating. Cantor Fitzgerald's maximum Street price target is $23, while Canaccord Genuity's minimum Street price target is $9.
IREN price trend: According to Benzinga Pro, Iris Energy shares were up 7.45% at $35.82 at the time of writing.
Photo: 3844328 from Pixabay.
Market news and data provided by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
