Needham & Company LLC Reiterates “Hold” Rating for Iris Energy (NASDAQ:IREN)

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

IREN has been the subject of several other research reports. B. Riley boosted their price target on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, December 19th. HC Wainwright boosted their price objective on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. BTIG Research started coverage on shares of Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 target price on the stock. Macquarie upped their price target on shares of Iris Energy from $13.50 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Canaccord Genuity Group increased their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $20.70.

Iris Energy Price Performance

IREN opened at $13.01 on Thursday. Iris Energy has a 12-month low of $4.15 and a 12-month high of $15.92. The company’s 50 day moving average is $11.72 and its 200 day moving average is $9.95.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.13. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. Equities analysts forecast that Iris Energy will post 0.11 earnings per share for the current year.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership lifted its stake in Iris Energy by 1,307.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,684,836 shares of the company’s stock worth $55,825,000 after purchasing an additional 5,280,999 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Iris Energy by 56.1% in the third quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock worth $13,938,000 after purchasing an additional 576,726 shares during the last quarter. Discovery Capital Management LLC CT purchased a new stake in shares of Iris Energy in the fourth quarter worth about $11,544,000. Regal Partners Ltd boosted its stake in Iris Energy by 2.7% during the third quarter. Regal Partners Ltd now owns 875,303 shares of the company’s stock valued at $7,388,000 after buying an additional 23,132 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock valued at $6,204,000 after buying an additional 264,883 shares in the last quarter. Institutional investors 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.