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

Needham & Company LLC restated their hold rating on shares of Iris Energy (NASDAQ:IREN) in a research note released on Wednesday,Benzinga reports.

IREN has been the subject of several other reports. Roth Mkm started coverage on Iris Energy in a research note on Wednesday, October 2nd. They set a “buy” rating and a $14.00 price objective for the company. JPMorgan Chase & Co. reduced their price objective on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a research note on Friday, August 23rd. Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 price objective on shares of Iris Energy in a report on Wednesday, October 30th. Compass Point dropped their target price on shares of Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a report on Friday, August 30th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 price target on shares of Iris Energy in a research note on Thursday, August 29th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $16.33.

Iris Energy Stock Up 29.7 %

IREN opened at $12.40 on Wednesday. The firm’s fifty day simple moving average is $9.32 and its two-hundred day simple moving average is $9.46. Iris Energy has a 52-week low of $3.56 and a 52-week high of $15.75.

Institutional Trading of Iris Energy

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