Benzinga - Iris Energy Limited (NASDAQ:IREN) shares are trading higher Monday after the company provided a business update. Here's a look at what's going on.
What To Know:
Iris Energy reported that its 2024 expansion is now fully funded with $301 million in cash and no debt. The company said it will have 460 MW of data center capacity and 20 EH/s of Bitcoin mining capacity in 2024, with 8 EH/s currently operating and 12 EH/s additional capacity to be progressively shipped and installed over the next nine months.
The company expects its 20 EH/s of Bitcoin mining capacity to generate approximately $269 million of annualized hardware profit (post-halving).
Cantor Fitzgerald analyst Josh Siegler reiterated Iris Energy with an Overweight and maintained a $10 price target on the stock Monday.
Last week, Canaccord Genuity analyst Joseph Vafi reiterated his Buy rating and $9 price target on the stock.
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Should I Sell My IREN Stock?
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.Shares of Iris Energy have increased by 101% in the past year. An investor who bought shares of Iris Energy at the beginning of the year would take a loss of $0.81 per share if they sold it today. The stock has risen 5.09% over the past month, meaning an investor who bought shares on Mar. 1 would see a capital gain of $0.29.
Iris Energy shares have an all-time high of $24.80, representing 314.03% upside from current levels.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Iris Energy stock currently has an RSI of 58.85, indicating neutral conditions.
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IREN Price Action: According to Benzinga Pro, Iris Energy shares are up 9.3% at $5.90 at the time of publication Monday.
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