Iris Energy Shares Surge After Strong Fiscal Year Results
Iris Energy shares rise 12.6% following release of fiscal year results, with impressive increase in bitcoin mining revenue. HC Wainwright & Co. raises price target on company's shares.
Iris Energy, a prominent player in the bitcoin mining industry, experienced a significant boost in share value following the release of its fiscal year results. The company reported a substantial increase in bitcoin mining revenue, which had a positive impact on investor sentiment.
By the close of the regular trading session, Iris Energy shares were trading 12.6% higher at $4.99 each. The volume of shares reached over 2.3 million, surpassing the stock's average daily trading volume of 1.4 million shares over the past 65 days.
In its recent fiscal year report, Iris announced a remarkable growth in bitcoin mining revenue from $59 million in fiscal year 2022 to an impressive $75.5 million in fiscal year 2023. Despite this positive development, the company reported a net loss after income tax of $171.9 million in fiscal year 2023, compared to a loss of $419.8 million in the previous fiscal year.
The news of Iris Energy's strong performance prompted HC Wainwright & Co. to raise its price target on Iris Energy shares from $10 to $11 each, according to Benzinga.
This remarkable surge in share value and fiscal year results demonstrate Iris Energy's continuous commitment to the increasingly lucrative bitcoin mining sector. Investors and industry experts will undoubtedly keep a close eye on Iris Energy's future developments as the company strives for further success.