Iris Energy (NASDAQ:IREN) Receives New Coverage from Analysts at Needham & Company LLC

Needham & Company LLC started coverage on shares of Iris Energy (NASDAQ:IREN) in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm issued a hold rating on the stock.

A number of other analysts have also weighed in on the stock. HC Wainwright reduced their price target on shares of Iris Energy from $15.00 to $13.00 and set a buy rating for the company in a research note on Thursday, August 29th. JPMorgan Chase & Co. reduced their price target on shares of Iris Energy from $11.00 to $9.50 and set an overweight rating for the company in a research note on Friday, August 23rd. B. Riley reduced their price target on shares of Iris Energy from $18.00 to $17.00 and set a buy rating for the company in a research note on Friday, July 12th. Macquarie upped their price target on shares of Iris Energy from $12.00 to $13.50 and gave the stock an outperform rating in a research note on Friday, August 30th. Finally, Cantor Fitzgerald cut their target price on shares of Iris Energy from $23.00 to $20.00 and set an overweight rating for the company in a research note on Thursday, August 29th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Iris Energy presently has an average rating of Moderate Buy and a consensus target price of $16.25.

Iris Energy Stock Down 2.6 %

Shares of NASDAQ:IREN opened at $6.72 on Wednesday. The company has a 50 day moving average of $9.85 and a 200-day moving average of $7.91. Iris Energy has a twelve month low of $2.79 and a twelve month high of $15.75.

Institutional Investors Weigh In On Iris Energy

Hedge funds have recently made changes to their positions in the company. Counterpoint Mutual Funds LLC purchased a new stake in shares of Iris Energy in the 4th quarter valued at approximately $84,000. Seven Eight Capital LP purchased a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $146,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Iris Energy in the 2nd quarter valued at approximately $149,000. CCG Wealth Management LLC purchased a new stake in shares of Iris Energy in the 1st quarter valued at approximately $72,000. Finally, VitalStone Financial LLC lifted its position in shares of Iris Energy by 373.9% in the 1st quarter. VitalStone Financial LLC now owns 13,980 shares of the company’s stock valued at $71,000 after acquiring an additional 11,030 shares in the last quarter. Hedge funds and other institutional investors own 41.08% of the company’s stock.

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.