What's Going On With Bitcoin-Miner Iris Energy's Stock?

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. Related News: What’s Going On With EV-Maker Nikola Stock? 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. For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free. IREN Price Action: According to Benzinga Pro, Iris Energy shares are up 9.3% at $5.90 at the time of publication Monday. Image: Gerd Altmann from Pixabay