Needham & Company LLC Reaffirms Hold Rating for Iris Energy (NASDAQ:IREN)

Needham & Company LLC reiterated their hold rating on shares of Iris Energy (NASDAQ:IREN) in a research note issued to investors on Wednesday morning,Benzinga reports.

A number of other brokerages have also recently commented on IREN. B. Riley dropped their price target 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 upped their price objective on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday. Macquarie lifted their target price 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. Canaccord Genuity Group restated a “buy” rating and set a $15.00 target price on shares of Iris Energy in a research report on Thursday, August 29th. Finally, Roth Mkm began coverage on Iris Energy in a report on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $16.33.

Iris Energy Stock Up 9.0 %

NASDAQ:IREN opened at $13.51 on Wednesday. The firm’s 50 day moving average is $9.63 and its 200 day moving average is $9.56. Iris Energy has a 12 month low of $3.56 and a 12 month high of $15.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. D1 Capital Partners L.P. purchased a new position in Iris Energy in the second quarter worth $17,319,000. Hood River Capital Management LLC bought a new stake in Iris Energy during the second quarter worth about $13,618,000. Marshall Wace LLP boosted its holdings in shares of Iris Energy by 33.6% in the 2nd quarter. Marshall Wace LLP now owns 3,811,780 shares of the company’s stock worth $43,035,000 after purchasing an additional 958,494 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Iris Energy during the 2nd quarter valued at about $9,969,000. Finally, Van ECK Associates Corp raised its holdings in shares of Iris Energy by 56.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,671 shares of the company’s stock valued at $13,938,000 after buying an additional 576,726 shares in the last quarter. 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.