Shares of Iris Energy Ltd, a sustainable Bitcoin mining company, plummeted 5.02% on Tuesday despite Cantor Fitzgerald analysts maintaining their price target of $20 per share on the stock.
The analysts at Cantor Fitzgerald reiterated their "overweight" rating on Iris Energy, indicating their belief that the company's stock is currently undervalued and has the potential for significant upside. However, no specific reasoning was provided for the maintained price target or rating.
Iris Energy's stock closed at $4.56 on Tuesday, well below the $20 price target set by Cantor Fitzgerald analysts. The company's share price has faced considerable volatility in recent months, reflecting investor concerns over the broader cryptocurrency market and energy costs associated with Bitcoin mining operations.
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