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

Needham & Company LLC restated their hold rating on shares of Iris Energy (NASDAQ:IREN) in a report published on Thursday morning,Benzinga reports.

IREN has been the subject of a number of other reports. BTIG Research started coverage on Iris Energy in a research report on Friday, December 20th. They issued a “buy” rating and a $33.00 price objective for the company. Macquarie raised their price target on Iris Energy from $13.50 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright upped their price objective on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Cantor Fitzgerald increased their price objective on shares of Iris Energy from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 target price (up previously from $9.50) on shares of Iris Energy in a report on Tuesday, December 10th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.70.

Iris Energy Price Performance

NASDAQ:IREN opened at $13.08 on Thursday. Iris Energy has a 1-year low of $4.15 and a 1-year high of $15.92. The firm has a fifty day simple moving average of $11.70 and a 200 day simple moving average of $9.97.

Iris Energy (NASDAQ:IREN) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate 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%. As a group, equities research analysts predict that Iris Energy will post 0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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