Bitcoin Miner IREN Stock Rips 20% Following Q4 Earnings, Analysts Bump Price Targets

Bitcoin mining company IREN’s (IREN) fiscal fourth-quarter (Q4) earnings on Friday sent the company’s stock soaring, and analysts turned even more bullish.

IREN’s shares surged over 20% in Friday’s opening trade. Stocktwits data showed the retail sentiment around the company was in the ‘extremely bullish’ territory.

According to data from The Fly, analysts at multiple firms have hiked their price targets for IREN stock, citing acceleration in progress across its artificial intelligence (AI) portfolio, with continued benefits on the mining side of its business.

IREN reported earnings per share (EPS) of $0.21 in Q4, beating Wall Street expectations of an EPS of $0.18, according to Stocktwits data. While it posted a record revenue of $187.3 million during the quarter, it narrowly missed estimates.

Apart from being a cryptocurrency miner, IREN expanded its services to include an AI cloud business, bagging approval from Nvidia Corp. (NVDA) as a “preferred partner.” The company acquired graphics processing units worth $361 million, helping it expand its arsenal of Nvidia GPUs to 10,900 over the coming months.

In a conference call with analysts, IREN CEO Daniel Roberts said Nvidia’s preferred partner status would help it expand its customer pipeline and strengthen its access to supplies. The company is targeting up to $250 million in annualized revenue from AI cloud services by the end of 2025, up from $26 million at the end of the fourth quarter.

IREN’s commentary and Q4 performance resulted in a slew of price target hikes from analysts. B. Riley increased its IREN stock price target to $29 from $22, citing the company’s “dual strategy” of AI cloud offerings and expanding GPU supply as a driver of growth.

Roth Capital hiked its price target for IREN to $35 from $26, while Canaccord raised its target to $37 from $23, with the company’s focus on AI portfolio emerging as the central theme in the bullish outlooks of these firms.

IREN stock is up 193% year-to-date and 238% over the past 12 months.

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