Behaviour of IREN (IREN US)
This US company which is recommended by numerous analysists has had a 15% fall in 8 days. Are the "wheels falling off" ?
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Answer
Hi Robert,
IREN Ltd, formerly Iris Energy, is an Australian-founded, Nasdaq-listed renewable-powered Bitcoin mining and AI cloud services company. It operates data centers in Canada and the U.S., running Bitcoin mining using 100% renewable energy, and delivers connected deep-learning infrastructure services.
IREN is a volatile beast and this is why MM only has a 2.5% position in our International Equities Portfolio. Recent weakness stemmed from a downgrade by JP Morgan on valuation grounds following July surge higher towards $US21 driven by record monthly revenue thanks to higher Bitcoin prices.
- We remain keen on the stock regarding the last 20weeks pullback as a buying opportunity, it’s still up more +300% from its April low! We are considering adding to our position if weakness persists. We don’t think the wheels are falling off, just profit taking after a huge run.
