Iris Energy Ltd (NASDAQ:IREN) shares are trading higher Tuesday after the company on Monday provided a business update and announced that its 2024 expansion is fully funded.

What Happened: Iris Energy provided an operations update, highlighting its cash position of $425.3 million and zero debt. The Bitcoin (CRYPTO: BTC) miner said its hashrate of 30 EH/s and 510MW of data centers are fully funded for the year.

Iris Energy also noted that it has an additional cash buffer that can provide flexibility related to procurement items for its 2025 expansion and beyond, prospective connection agreements for additional power capacity and other general purposes  related to potential power monetization activities.

Iris said it's focused on accelerating monetization opportunities for its broader power and land portfolio in the near term. Options include asset sales, colocation deals, joint ventures, build-to-suit data centers and expansion of its existing GPU fleet.

IREN Stock Prediction 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Iris Energy have an average one-year price target of $13.83, representing an expected downside of 0.53%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Iris Energy, while six analysts have bullish ratings. The Street high price target from Cantor Fitzgerald is $23, while the street low from Canaccord Genuity is $9.

IREN Price Action: Iris Energy shares were up 22.56% at $14.45 at the time of publication, according to Benzinga Pro.

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