B. Riley raised the firm’s price target on Iris Energy to $10 from $8 and keeps a Buy rating on the shares. Iris Energy reported adjusted EBITDA in Q1 and Q2 of $6.8M and $14M, respectively, driven by higher electricity and other costs, below the firm’s estimates, the analyst tells investors in a research note. Financing is underway to support further growth in the AI cloud business, the firm says.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on IREN:
- Iris Energy files to sell 2.07M ordinary shares for holders
- Iris Energy Reports Second Quarter and Half Year FY24 Results
- Iris Energy options imply 15.7% move in share price post-earnings
- Unusually active option classes on open February 14th
- Iris Energy Triples AI Cloud Services Business to 816 NVIDIA H100 GPUs