Iris Energy (NASDAQ:IREN) Earns Hold Rating from Needham & Company LLC

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

Several other equities research analysts have also commented on the company. B. Riley lowered their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. HC Wainwright raised their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday. Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 price objective on shares of Iris Energy in a research report on Thursday, August 29th. Macquarie raised their target price on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, Compass Point reduced their price target on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Iris Energy currently has an average rating of “Buy” and an average target price of $16.33.

Iris Energy Price Performance

Shares of IREN stock opened at $12.40 on Wednesday. Iris Energy has a 52-week low of $3.56 and a 52-week high of $15.75. The business has a 50-day simple moving average of $9.42 and a 200-day simple moving average of $9.48.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in shares of Iris Energy by 56.3% in the third 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 during the last quarter. Sender Co & Partners Inc. purchased a new position in Iris Energy in the 3rd quarter valued at $561,000. Continuum Advisory LLC acquired a new stake in Iris Energy during the 3rd quarter worth $430,000. Y Intercept Hong Kong Ltd grew its holdings in shares of Iris Energy by 592.2% during the third quarter. Y Intercept Hong Kong Ltd now owns 206,706 shares of the company’s stock worth $1,745,000 after buying an additional 176,843 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of Iris Energy in the third quarter valued at about $760,000. Institutional investors and hedge funds own 41.08% of the company’s stock.

Iris Energy Company Profile

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