What's Going On With Iris Energy Stock After Earnings?

Iris Energy Limited IREN shares are surging Thursday after the company posted strong fiscal-year 2024 financial results on Wednesday after the market closed.

The Details:

Iris Energy reported a record fiscal-year Bitcoin BTC/USD mining revenue of $184.1 million, up from $75.5 million last year. The company mined 4,191 Bitcoin, compared to 3,259 Bitcoin in 2023, primarily driven by growth in its operating hash rate, which increased from 5.6 EH/s to 10 EH/s during the year.

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Iris Energy said it is "well on track to achieve our 20 EH/s milestone next month and 30 EH/s this year" and set a new goal of 50 EH/s by 2025. 

JP Morgan analyst Reginald L. Smith said Iris Energy's goal of 50 EH/s is "ambitious, but achievable," due to the company's strong cash position and focused operational strategy. 

Canaccord Genuity maintained its Buy rating and $15 price target on the stock following the print. However, HC Wainwright & Co. maintained a Buy rating on the stock but lowered its price target from $15 to $13.

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 81.42% year to date. This compares to the average annual return of -32.8%, 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 37.62, indicating neutral 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 21.3% at $9.00 at the time of publication Thursday.

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