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

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

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price target on shares of Iris Energy in a research note on Wednesday, October 30th. Compass Point reduced their price target on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. HC Wainwright upped their price objective on Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday. Finally, B. Riley cut their target price on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, September 13th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $16.33.

Iris Energy Stock Up 29.7 %

Shares of IREN 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 stock has a fifty day simple moving average of $9.42 and a two-hundred day simple moving average of $9.48.

Institutional Investors Weigh In On Iris Energy

Institutional investors and hedge funds have recently modified their holdings of the company. AFG Fiduciary Services Limited Partnership purchased a new position in Iris Energy during the 3rd quarter valued at about $77,000. Covestor Ltd purchased a new position in shares of Iris Energy in the third quarter valued at approximately $87,000. Sippican Capital Advisors purchased a new position in shares of Iris Energy in the third quarter valued at approximately $94,000. Bluefin Capital Management LLC acquired a new position in shares of Iris Energy in the second quarter valued at approximately $113,000. Finally, PEAK6 Investments LLC purchased a new stake in Iris Energy during the 1st quarter worth approximately $133,000. Hedge funds and other 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.