Fintel reports that on December 12, 2024, Jones Trading initiated coverage of IREN (NasdaqGS:IREN) with a Buy recommendation.
Analyst Price Forecast Suggests 36.23% Upside
As of December 3, 2024, the average one-year price target for IREN is $18.30/share. The forecasts range from a low of $13.64 to a high of $27.30. The average price target represents an increase of 36.23% from its latest reported closing price of $13.43 / share.
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The projected annual revenue for IREN is 173MM, a decrease of 17.29%. The projected annual non-GAAP EPS is -0.86.
What is the Fund Sentiment?
There are 167 funds or institutions reporting positions in IREN. This is an decrease of 1 owner(s) or 0.60% in the last quarter. Average portfolio weight of all funds dedicated to IREN is 0.39%, an increase of 27.29%. Total shares owned by institutions decreased in the last three months by 29.95% to 55,016K shares. 
The put/call ratio of IREN is 0.49, indicating a bullish outlook.
What are Other Shareholders Doing?
Susquehanna International Group, Llp holds 4,570K shares representing 2.13% ownership of the company. In its prior filing, the firm reported owning 2,185K shares , representing an increase of 52.19%. The firm increased its portfolio allocation in IREN by 46.69% over the last quarter.
Marshall Wace, Llp holds 4,264K shares representing 1.99% ownership of the company. In its prior filing, the firm reported owning 3,812K shares , representing an increase of 10.61%. The firm decreased its portfolio allocation in IREN by 51.67% over the last quarter.
Group One Trading holds 3,075K shares representing 1.43% ownership of the company. In its prior filing, the firm reported owning 2,468K shares , representing an increase of 19.75%. The firm decreased its portfolio allocation in IREN by 31.49% over the last quarter.
Vident Advisory holds 2,329K shares representing 1.09% ownership of the company. In its prior filing, the firm reported owning 2,079K shares , representing an increase of 10.74%. The firm decreased its portfolio allocation in IREN by 58.06% over the last quarter.
WGMI - Valkyrie Bitcoin Miners ETF holds 2,121K shares representing 0.99% ownership of the company. In its prior filing, the firm reported owning 1,945K shares , representing an increase of 8.29%. The firm decreased its portfolio allocation in IREN by 12.05% 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
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