Iris Energy Limited (IREN) shares experienced a significant surge on Thursday, following the company’s impressive fiscal year 2024 financial results released Wednesday after market close. The company reported a record Bitcoin mining revenue of $184.1 million, a substantial increase from $75.5 million in the previous year. This growth was primarily driven by an expansion in Iris Energy’s operating hash rate, which rose from 5.6 EH/s to 10 EH/s during the fiscal year.
The company mined 4,191 Bitcoin in fiscal year 2024, compared to 3,259 Bitcoin in 2023. Iris Energy is confident in its future growth trajectory, stating that it is “well on track to achieve our 20 EH/s milestone next month and 30 EH/s this year.” The company has set an ambitious target of reaching 50 EH/s by 2025.
Analysts share a positive outlook on Iris Energy’s future prospects. JP Morgan analyst Reginald L. Smith believes the 50 EH/s goal is “ambitious, but achievable,” citing the company’s strong cash position and focused operational strategy. Canaccord Genuity maintained its Buy rating and $15 price target on Iris Energy stock following the financial report. While HC Wainwright & Co. also maintained a Buy rating, they adjusted their price target from $15 to $13.
The performance of Iris Energy shares has been remarkable this year, gaining 81.42% year-to-date. This significant increase surpasses the average annual return of -32.8%, indicating that the stock has outperformed its historical averages. Investors can use this information to assess whether the current movement is a normal fluctuation or a potential trading opportunity.
Market dynamics also play a crucial role in stock evaluation. The Relative Strength Index (RSI) can provide insights into whether a stock is overbought or oversold. Iris Energy’s stock currently has an RSI of 37.62, indicating neutral conditions.
At the time of publication on Thursday, Iris Energy shares were up 21.3% at $9.00.
