NVDA - Bitcoin Mining Stock Iris Energy Is Moving Higher Wednesday: What's Going On? | Benzinga
Shares of Bitcoin (CRYPTO: BTC) mining company Iris Energy Limited (NASDAQ:IREN) are trading higher Wednesday following a positive analyst initiation from Bernstein.
What Happened: Bernstein analyst Gautam Chhugani initiated coverage on Iris Energy with an Outperform rating and set a price target of $26.
The initiation comes after the company provided a business update and announced that its 2024 expansion was fully funded at the beginning of the month. Iris highlighted its cash position of $425.3 million and zero debt and noted that it has an additional cash buffer that can provide flexibility related to procurement items for its ...