Iren stock hits 52-week high at 18.56 USD

Iren Ltd’s stock reached a 52-week high of 18.56 USD, marking a significant milestone for the company. According to InvestingPro data, the stock is currently trading above its Fair Value, with impressive gross profit margins of 91.66%. Over the past year, Iren Ltd has experienced a notable increase in its stock value, with a 1-year change of 35.31%. The company has shown particularly strong momentum with a 48% gain over the past six months and a 65% return year-to-date. This upward trajectory reflects investor confidence and positive market sentiment surrounding the company’s performance and prospects. The achievement of this 52-week high underscores the company’s resilience and growth potential in a competitive market environment. InvestingPro subscribers can access 14 additional investment tips and a comprehensive Pro Research Report for deeper insights into Iren’s valuation and growth prospects.

In other recent news, IREN Limited achieved its mid-year target of 50 exahash per second (EH/s) of Bitcoin mining capacity, recording a monthly revenue of $65.5 million from its Bitcoin operations in June. The company also reported a hardware profit margin improvement to 75%, driven by efficient operations and higher Bitcoin prices. Additionally, IREN expanded its AI cloud capabilities with the acquisition of 2,400 NVIDIA (NASDAQ:NVDA) Blackwell GPUs, raising its total GPU fleet to approximately 4,300 units. This expansion is fully funded from existing cash and aims to bolster its AI training and inference capabilities. IREN has paused further Bitcoin mining expansion to focus on its AI infrastructure, projecting significant future revenue from this vertical. The company also completed a $550 million oversubscribed convertible notes offering and transitioned to U.S. domestic issuer status, which will require more detailed reporting to the SEC. The Prince George facility in British Columbia, with 50MW of dedicated power, is set to host the newly acquired GPUs, while IREN evaluates additional financing alternatives to support AI Cloud Services growth. The company’s vertically integrated platform is supported by 2,910 MW of grid-connected power, allowing it to offer a range of data center solutions.

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