Iris Energy’s (IREN) “Hold” Rating Reiterated at Needham & Company LLC

Iris Energy (NASDAQ:IREN)‘s stock had its “hold” rating reiterated by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports.

Other analysts have also issued research reports about the stock. Cantor Fitzgerald lifted their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. HC Wainwright lifted their price target on shares of Iris Energy from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Macquarie increased their price objective on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. B. Riley boosted their target price on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, BTIG Research started coverage on Iris Energy in a research report on Friday, December 20th. They set a “buy” rating and a $33.00 price target on the stock. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.70.

Iris Energy Price Performance

Shares of IREN opened at $13.01 on Thursday. Iris Energy has a 52 week low of $4.15 and a 52 week high of $15.92. The stock has a 50 day moving average price of $11.72 and a two-hundred day moving average price of $9.95.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative net margin of 36.10% and a negative return on equity of 8.01%. On average, equities analysts anticipate that Iris Energy will post 0.11 earnings per share for the current year.

Hedge Funds Weigh In On Iris Energy

A number of hedge funds have recently bought and sold shares of IREN. Creative Planning increased its holdings in Iris Energy by 71.2% in the 3rd quarter. Creative Planning now owns 457,625 shares of the company’s stock worth $3,862,000 after buying an additional 190,300 shares in the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of Iris Energy by 123.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 49,322 shares of the company’s stock valued at $416,000 after acquiring an additional 27,212 shares during the last quarter. Avaii Wealth Management LLC grew its stake in shares of Iris Energy by 89.9% in the third quarter. Avaii Wealth Management LLC now owns 42,267 shares of the company’s stock worth $357,000 after acquiring an additional 20,013 shares during the period. X Square Capital LLC raised its holdings in shares of Iris Energy by 100.0% during the third quarter. X Square Capital LLC now owns 90,000 shares of the company’s stock valued at $760,000 after purchasing an additional 45,000 shares during the last quarter. Finally, Sippican Capital Advisors bought a new position in Iris Energy during the third quarter valued at approximately $94,000. 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.