Stock Track | Iris Energy Plummets 5.1% on JPMorgan Downgrade Despite Raised Price Target

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Shares of Iris Energy Ltd (IREN), a bitcoin mining company, plummeted 5.1% on Tuesday after JPMorgan downgraded the stock from Overweight to Neutral, despite raising its price target from $9.50 to $15.

The downgrade by JPMorgan appears to have outweighed the impact of the higher price target, leading to the significant decline in IREN's stock price during Tuesday's trading session.

Iris Energy is a Bitcoin mining company that operates data centers for mining cryptocurrency. As a bitcoin miner, the company's performance is closely tied to the price of bitcoin and the overall cryptocurrency market.

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