Iris Energy Ltd, a Bitcoin mining company, saw its stock price soar 6.38% in after-hours trading on Tuesday. While there was no specific news release directly related to this price movement, the surge appears to be driven by a combination of factors:

First, the company reported quarterly sales of $49.6 million, which could have exceeded market expectations and painted a positive picture of its financial performance. Investors may have interpreted this as a sign of strength, potentially boosting the stock price.

Additionally, unusual options trading activity in Iris Energy's stock suggested that the market was anticipating a significant price movement of around 9% following the company's earnings release. This implied volatility likely contributed to the after-hours surge, as investors positioned themselves for a potential upside surprise.

Furthermore, Iris Energy's management is scheduled to meet with analysts from B. Riley, a financial services firm, in the coming days. This meeting could potentially provide updates or positive news that investors are eagerly awaiting, further fueling optimism and driving the stock price higher in anticipation.