Iris Energy Limited (NASDAQ:IREN) shares are trading higher Friday after the company released its September investor update. Here's a look at the details from the report.

The Details:

Iris Energy mined 347 Bitcoin (CRYPTO: BTC) in September and achieved a 42% increase in revenue to $21.4 million for the month. The increased revenue reflects the company's ramp-up in capacity through September which now stands at 21 EH/s installed. The company expects to reach a capacity of 31 EH/s in the fourth quarter of 2024.

Iris Energy reported electricity costs of $23,000 per Bitcoin, a 21% reduction from the previous month, reflective of the company's improving fleet efficiency.

The company said it purchased an additional 1,080 NVIDIA H200 GPUs, bringing its totalGPU fleet to 1,896 GPUs in its AI Cloud Services segment. Iris Energy's stock is up following the September investor update and trading just above its 50-day moving average of $8.03, according to data from Benzinga Pro. Cantor Fitzgerald analyst Brett Knoblauch reiterated an Overweight rating on the stock and maintained a $20 price target on Thursday.

Will IREN Stock Go Up?

When trying to assess whether or not Iris Energy will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $16.5 on Iris Energy. The Street high target is currently at $26 and the Street low target is $9.50. Of all the analysts covering Iris Energy, 16 have positive ratings, no one has neutral ratings and no one has negative ratings.

In the last month, 4 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Iris Energy have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Iris Energy is 15.29% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Iris Energy, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

IREN Price Action: According to Benzinga Pro, Iris Energy shares are up 3.89% at $8.14 at the time of publication Friday.

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