Iris Energy (NASDAQ:IREN) Receives “Hold” Rating from Needham & Company LLC

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

Other research analysts have also issued reports about the stock. Canaccord Genuity Group lifted their price objective on shares of Iris Energy from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. restated a “neutral” rating and set a $15.00 price target (up from $9.50) on shares of Iris Energy in a research report on Tuesday, December 10th. HC Wainwright boosted their price target on shares of Iris Energy from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. B. Riley boosted their price target on shares of Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Cantor Fitzgerald boosted their price target 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. Two investment 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, Iris Energy presently has an average rating of “Moderate Buy” and a consensus price target of $20.70.

Iris Energy Trading Down 0.5 %

Iris Energy stock opened at $13.01 on Thursday. Iris Energy has a 1-year low of $4.15 and a 1-year high of $15.92. The firm has a 50 day simple moving average of $11.65 and a 200 day simple moving average of $9.99.

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, 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%. Analysts anticipate that Iris Energy will post 0.11 earnings per share for the current fiscal year.

Institutional Trading of Iris Energy

Hedge funds have recently made changes to their positions in the stock. Stonebridge Financial Group LLC bought a new stake in shares of Iris Energy during the 4th quarter worth $29,000. HM Payson & Co. bought a new stake in shares of Iris Energy during the 4th quarter worth $30,000. R Squared Ltd bought a new stake in Iris Energy in the fourth quarter worth $37,000. Tower Research Capital LLC TRC lifted its stake in Iris Energy by 1,059.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,368 shares of the company’s stock worth $82,000 after purchasing an additional 7,646 shares during the last quarter. Finally, Farther Finance Advisors LLC bought a new stake in Iris Energy in the fourth quarter worth $98,000. 41.08% of the stock is owned by institutional investors.

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.