Needham & Company LLC Begins Coverage on Iris Energy (NASDAQ:IREN)

Needham & Company LLC initiated coverage on shares of Iris Energy (NASDAQ:IREN) in a report released on Wednesday, Marketbeat Ratings reports. The brokerage issued a hold rating on the stock.

IREN has been the topic of a number of other reports. Canaccord Genuity Group restated a buy rating and issued a $15.00 price target on shares of Iris Energy in a research report on Thursday, August 29th. B. Riley reduced their price target on shares of Iris Energy from $18.00 to $17.00 and set a buy rating on the stock in a research report on Friday, July 12th. Cantor Fitzgerald reduced their price target on shares of Iris Energy from $23.00 to $20.00 and set an overweight rating on the stock in a research report on Thursday, August 29th. HC Wainwright cut their price objective on shares of Iris Energy from $15.00 to $13.00 and set a buy rating on the stock in a research report on Thursday, August 29th. Finally, Sanford C. Bernstein began coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They issued an outperform rating and a $26.00 price objective on the stock. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $16.25.

Iris Energy Price Performance

Shares of IREN stock opened at $6.44 on Wednesday. The firm has a fifty day moving average of $9.65 and a two-hundred day moving average of $7.91. Iris Energy has a 1-year low of $2.79 and a 1-year high of $15.75.

Hedge Funds Weigh In On Iris Energy

Several hedge funds have recently made changes to their positions in IREN. D1 Capital Partners L.P. acquired a new position in shares of Iris Energy in the 2nd quarter worth approximately $17,319,000. Hood River Capital Management LLC acquired a new position in shares of Iris Energy in the 2nd quarter worth approximately $13,618,000. Marshall Wace LLP grew its stake 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 during the last quarter. Bank of Montreal Can acquired a new position in shares of Iris Energy in the 2nd quarter worth approximately $9,969,000. Finally, Vident Advisory LLC grew its stake in shares of Iris Energy by 58.0% in the 1st quarter. Vident Advisory LLC now owns 1,954,998 shares of the company’s stock worth $10,557,000 after purchasing an additional 717,843 shares during the last quarter. Institutional investors and hedge funds 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.