Iris Energy Limited (NASDAQ:IREN) shares are trading higher Tuesday amid increased interest in cryptocurrency-related stocks. Here's a look at what's going on.

The Details:

Ethereum (CRYPTO: ETH) spiked Monday afternoon amid growing optimism surrounding the potential approval of spot Ethereum ETFs after analysts raised their odds of approval from 25% to 75%.

Ethereum is up 21.9% and Bitcoin (CRYPTO: BTC) is up 3.8% over the past 24 hours as anticipation of news on the ETFs builds.

Iris Energy reported its first-quarter results last week and said it mined 1,003 Bitcoin for the quarter. The company said its lower Bitcoin production was primarily driven by higher global hashrate rate during the period.

Bitcoin mining revenue clocked in at $53.4 million, as compared to $42 million in the second quarter of fiscal year 2024, driven by growth in operating hashrate and higher Bitcoin prices.

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

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IREN Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Iris Energy have an average 1-year price target of $9.85, representing an expected upside of 40.31%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Iris Energy, while 10 analysts have bullish ratings. The street high price target from Canaccord Genuity is $12, while the street low is $9.

IREN Price Action: According to Benzinga Pro, Iris Energy shares are up 17% at $7.44 at the time of publication Tuesday.

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