Iris Energy (NASDAQ:IREN) Receives “Hold” Rating from Needham & Company LLC

Iris Energy (NASDAQ:IREN)‘s stock had its “hold” rating reissued by stock analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports.

Several other brokerages also recently commented on IREN. Macquarie raised their target price on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Friday, August 30th. Canaccord Genuity Group reiterated a “buy” rating and set a $15.00 target price on shares of Iris Energy in a report on Thursday, August 29th. Roth Mkm started coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 target price on the stock. B. Riley dropped their target price on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Finally, HC Wainwright raised their target price on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $15.78.

Iris Energy Stock Performance

Iris Energy stock opened at $9.56 on Wednesday. The stock’s 50-day moving average is $9.29 and its 200-day moving average is $9.43. Iris Energy has a 12 month low of $3.41 and a 12 month high of $15.75.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its position in shares of Iris Energy by 56.3% in the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after acquiring an additional 264,883 shares in the last quarter. Sender Co & Partners Inc. acquired a new position in shares of Iris Energy in the 3rd quarter worth approximately $561,000. Continuum Advisory LLC acquired a new position in shares of Iris Energy in the 3rd quarter worth approximately $430,000. Y Intercept Hong Kong Ltd grew its position in shares of Iris Energy by 592.2% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock worth $1,745,000 after acquiring an additional 176,843 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new position in shares of Iris Energy in the 3rd quarter worth approximately $760,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.