Fintel reports that on September 25, 2023, B. Riley Securities reiterated coverage of Iris Energy (NASDAQ:IREN) with a Buy recommendation.
Analyst Price Forecast Suggests 201.83% Upside
As of August 31, 2023, the average one-year price target for Iris Energy is 11.56. The forecasts range from a low of 8.08 to a high of $25.20. The average price target represents an increase of 201.83% from its latest reported closing price of 3.83.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Iris Energy is 153MM, an increase of 103.17%. The projected annual non-GAAP EPS is -0.38.
What is the Fund Sentiment?
There are 55 funds or institutions reporting positions in Iris Energy. This is an increase of 11 owner(s) or 25.00% in the last quarter. Average portfolio weight of all funds dedicated to IREN is 0.58%, a decrease of 11.83%. Total shares owned by institutions increased in the last three months by 49.58% to 13,251K shares. 
The put/call ratio of IREN is 0.91, indicating a bullish outlook.
What are Other Shareholders Doing?
Platinum Investment Management holds 2,633K shares representing 3.92% ownership of the company. In it's prior filing, the firm reported owning 2,736K shares, representing a decrease of 3.90%. The firm increased its portfolio allocation in IREN by 46.46% over the last quarter.
Millennium Management holds 1,592K shares representing 2.37% ownership of the company. In it's prior filing, the firm reported owning 271K shares, representing an increase of 83.01%. The firm increased its portfolio allocation in IREN by 670.60% over the last quarter.
VGI Partners holds 1,421K shares representing 2.12% ownership of the company. In it's prior filing, the firm reported owning 1,186K shares, representing an increase of 16.54%. The firm increased its portfolio allocation in IREN by 102.49% over the last quarter.
Portolan Capital Management holds 1,310K shares representing 1.95% ownership of the company.
Van Eck Associates holds 934K shares representing 1.39% ownership of the company. In it's prior filing, the firm reported owning 810K shares, representing an increase of 13.30%. The firm increased its portfolio allocation in IREN by 85.09% over the last quarter.
Iris Energy Background Information
(This description is provided by the company.)
Iris Energy is a sustainable Bitcoin mining company that supports local communities, as well as the decarbonization of energy markets and the global Bitcoin network. Focus on low-cost renewables: Iris Energy targets entry into regions where there are low-cost, abundant and attractive renewable energy sources, and where the Company can support local communities Long-term security over infrastructure, land and power supply: Iris Energy owns its electrical infrastructure and data centers, providing security and operational control over its assets. Iris Energy also focuses on grid-connected power access which helps to ensure it is able to utilize a reliable, long-term supply of power Seasoned management team: Iris Energy’s team has an impressive track record of success across energy, infrastructure, renewables, finance, digital assets and data centers
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
