Iris Energy (IREN – Research Report), the Financial sector company, was revisited by a Wall Street analyst today. Analyst Mike Colonnese from H.C. Wainwright remains neutral on the stock and has a $10.00 price target.
Mike Colonnese’s Buy rating for Iris Energy’s stock (IREN) draws on several key factors. The company’s latest update revealed a new 1,400 MW development site in West Texas, and adjusted its C2024 hash rate guidance based on the completion and full utilization of four additional 20 MW data centers at its Childress facility in Texas. IREN has 180 MW of total mining infrastructure online and recently purchased 1.4 EH/s of Bitmain S21 miners, indicating strong potential for growth.
Colonnese’s rating also takes into account IREN’s future growth potential, underpinned by its 2,160 MW of total power capacity across five sites. Additionally, the company is poised to generate incremental revenues through its recent acquisition of 248 NVIDIA H100 GPUs, which it aims to monetize by engaging with customers in the high-performance computing and artificial intelligence sectors. The combination of near-term growth prospects and above-peer operating efficiency supports Colonnese’s reiterated Buy rating for IREN.
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Iris Energy (IREN) Company Description:
Iris Energy Ltd is a bitcoin mining company. It builds, owns, and operates data centers and electrical infrastructure for the mining of Bitcoin primarily powered by renewable energy. The company’s mining operations generate revenue by earning Bitcoin through a combination of block rewards and transaction fees from the operation of its specialized computers called Application-specific Integrated Circuits and exchanging these Bitcoin for currencies such as USD or CAD on a daily basis.
Read More on IREN:
- Iris Energy options imply 6.2% move in share price post-earnings
- Iris Energy to Host an Investor Update Call on November 21, 2023
- Iris Energy Announces Monthly Investor Update for October 2023
- Iris Energy management to meet with B. Riley
- Iris Energy Partners with WEKA to Optimize Generative AI Workloads
