Iris Energy (NASDAQ:IREN) Earns Hold Rating from Analysts at Needham & Company LLC

Needham & Company LLC started coverage on shares of Iris Energy (NASDAQ:IREN) in a report published on Wednesday, MarketBeat Ratings reports. The firm issued a hold rating on the stock.

IREN has been the subject of several other reports. Sanford C. Bernstein began coverage on Iris Energy in a research note on Wednesday, July 10th. They issued an outperform rating and a $26.00 price target for the company. Macquarie upped their target price on Iris Energy from $12.00 to $13.50 and gave the company an outperform rating in a research report on Friday, August 30th. JPMorgan Chase & Co. decreased their price target on Iris Energy from $11.00 to $9.50 and set an overweight rating on the stock in a research report on Friday, August 23rd. Cantor Fitzgerald dropped their price target on Iris Energy from $23.00 to $20.00 and set an overweight rating for the company in a research note on Thursday, August 29th. Finally, Compass Point reduced their price objective on shares of Iris Energy from $18.50 to $16.00 and set a buy rating on the stock in a research note on Friday, August 30th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Iris Energy currently has an average rating of Moderate Buy and an average target price of $16.25.

Iris Energy Price Performance

NASDAQ IREN opened at $6.44 on Wednesday. The firm has a 50-day moving average price of $9.65 and a two-hundred day moving average price of $7.90. Iris Energy has a 12-month low of $2.79 and a 12-month high of $15.75.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Gordian Capital Singapore Pte Ltd acquired a new stake in Iris Energy in the second quarter valued at approximately $149,000. Dana Investment Advisors Inc. bought a new position in shares of Iris Energy in the 2nd quarter valued at $161,000. Truist Financial Corp boosted its holdings in shares of Iris Energy by 3.2% during the 2nd quarter. Truist Financial Corp now owns 51,575 shares of the company’s stock valued at $582,000 after acquiring an additional 1,575 shares in the last quarter. Point72 Asset Management L.P. grew its position in Iris Energy by 478.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 164,800 shares of the company’s stock worth $1,861,000 after acquiring an additional 136,300 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Iris Energy in the 2nd quarter worth about $1,401,000. 41.08% of the stock is owned by institutional investors.

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.