Iris Energy (NASDAQ:IREN) Coverage Initiated by Analysts at Needham & Company LLC

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

A number of other equities research analysts have also commented on the company. B. Riley reduced their price target on Iris Energy from $18.00 to $17.00 and set a buy rating on the stock in a research report on Friday, July 12th. Macquarie increased their target price on shares of 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. dropped their price target on shares of Iris Energy from $11.00 to $9.50 and set an overweight rating on the stock in a research report on Friday, August 23rd. Sanford C. Bernstein assumed coverage on shares of Iris Energy in a research report on Wednesday, July 10th. They set an outperform rating and a $26.00 price objective for the company. Finally, Compass Point lowered their target price on shares of Iris Energy from $18.50 to $16.00 and set a buy rating for the company in a research note on Friday, August 30th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $16.25.

Iris Energy Trading Down 4.9 %

Shares of NASDAQ:IREN opened at $6.44 on Wednesday. Iris Energy has a 52 week low of $2.79 and a 52 week high of $15.75. The firm’s fifty day moving average is $9.65 and its 200-day moving average is $7.90.

Institutional Investors Weigh In On Iris Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Counterpoint Mutual Funds LLC acquired a new stake in shares of Iris Energy in the 4th quarter valued at about $84,000. Jump Financial LLC increased its holdings in shares of Iris Energy by 33.1% during the fourth quarter. Jump Financial LLC now owns 49,400 shares of the company’s stock valued at $353,000 after acquiring an additional 12,290 shares in the last quarter. Commerce Bank acquired a new position in shares of Iris Energy during the fourth quarter worth approximately $256,000. Chesapeake Capital Corp IL bought a new position in shares of Iris Energy in the 4th quarter worth $221,000. Finally, Olympiad Research LP acquired a new stake in Iris Energy in the 4th quarter valued at $173,000. 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.