Iris Energy (NASDAQ:IREN) Given “Hold” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Iris Energy (NASDAQ:IREN) in a research report sent to investors on Wednesday,Benzinga reports.

A number of other analysts have also recently commented on the stock. Roth Mkm assumed coverage on shares of Iris Energy in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 target price for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $15.00 price objective on shares of Iris Energy in a research note on Thursday, August 29th. B. Riley cut their target price 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. Compass Point reduced their target price on Iris Energy from $18.50 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Finally, Macquarie boosted their price target on Iris Energy from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $16.33.

Iris Energy Trading Up 29.7 %

Iris Energy stock opened at $12.40 on Wednesday. The stock has a 50-day moving average of $9.32 and a two-hundred day moving average of $9.46. Iris Energy has a one year low of $3.56 and a one year high of $15.75.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Marshall Wace LLP grew its stake in shares of Iris Energy by 33.6% during 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 during the period. Van ECK Associates Corp increased its holdings in Iris Energy by 56.1% in the third 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. D1 Capital Partners L.P. purchased a new position in Iris Energy in the second quarter valued at $17,319,000. Hood River Capital Management LLC acquired a new position in shares of Iris Energy in the second quarter worth about $13,618,000. Finally, Bank of Montreal Can purchased a new stake in shares of Iris Energy during the 2nd quarter worth about $9,969,000. 41.08% of the stock is owned by institutional investors and hedge funds.

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.