Iris Energy price target lowered to $12 from $17 at B. Riley

B. Riley lowered the firm’s price target on Iris Energy to $12 from $17 and keeps a Buy rating on the shares. Iris Energy produced 245 BTC in August, up 10% month over month, and reached 16.0 EH/s of operating hash rate in August and is targeting 30 EH/s in Q4, the analyst tells investors in a research note. The firm believes Iris is on track to meet its expansion schedule of 20 EH/s in Q3 and 30 EH/s in Q4, given the solid hash rate deployment in August.