IREN Stock Jumps 6% as Bitcoin Rally Lifts Crypto Miners

Iris Energy (NASDAQ:IREN) stock rose 6% on Tuesday, reaching a high of $42.41 and closing at $42.21. The traded volume was lower than usual, with 29,189,765 shares changing hands, representing a decline of 32% from the average daily volume of 42,848,309 shares.

The company's expansion into AI cloud infrastructure is seen as a potential long-term catalyst for growth. Institutional activity has been supportive, with several large investors adding to their positions in IREN. The median price target among analysts is well above the current trading range.

However, the upcoming fourth-quarter earnings announcement on Thursday may be a critical test for the company. Investors are looking for evidence that the Mirantis acquisition and AI-cloud strategy are translating into measurable revenue, margins, and growth.