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Bitcoin Miner Iris Rises as Compass Point Upgrades on Potential Boost in Hashrate
Compass Point’s analyst upgraded Iris’ stock to a buy recommendation from a neutral.
Updated May 11, 2023, 5:39 p.m. Published Sep 14, 2022, 2:52 p.m.
Shares of bitcoin miner Iris Energy (IREN) sharply rose Wednesday after research firm Compass Point upgraded its stock recommendation to buy from neutral.
Analyst Chase White said in a note to clients that IREN has potential to boost its contracted hashrate – and thus increase its bitcoin production – if the company can secure additional computing power at low cost, as it did with Bitmain in August.
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White also expects that if Iris can execute its strategy, its stock can trade at a premium versus other small-cap miners.
IREN was trading hands at $4.59 at press time, up nearly 8% on the day. Compass Point has a price target of $6.50/share.
Read more: Iris Energy Turns On 41 Megawatts of Bitcoin Mining Machines Ahead of Schedule
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