What's Going On With Iris Energy Stock?

Iris Energy Limited IREN shares are trading higher Tuesday after Cantor Fitzgerald analyst Brett Knoblauch assumed Iris Energy with an Overweight rating and a price target of $23, up from a prior target of $10.

The Details:

The Cantor Fitzgerald analyst said that Iris Energy is "approaching a meaningful growth inflection" as it plans to expand hash rate capacity from 9.4 EH/S in April to more than 40 EH/S by mid-2025. 

Knoblauch also highlighted the Bitcoin miner's secured power capacity of 2,160 MW which gives Iris Energy the potential for additional hash rate growth or expansion of its AI and HPC goals. Cantor Fitzgerald sees AI/HPC as having the potential to become a meaningful revenue driver for the company.  

Iris Energy shares are climbing on above-average trading volume, even as Bitcoin BTC/USD slides on Tuesday. According to data from Benzinga Pro, bitcoin is down more than 5% over the past 24 hours at $66,480.99 at the time of publication.  

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Should I Sell My IREN Stock?

Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.

Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.

Shares of Iris Energy have gained 215.92% year to date. This compares to the average annual return of -25.01%, meaning the stock has outperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.

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 83.79, indicating overbought conditions.

For analysis tools, charting data and access to exclusive stock news, check out Benzinga PRO. Try it for free.

IREN Price Action: According to Benzinga Pro, Iris Energy shares are up 15.8% at $11.73 at the time of publication Tuesday.

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