5 Crypto Stocks with Biggest Upside

3. Iris Energy Limited (NASDAQ:IREN)

Average Price Target as of March 22: $10.83

Average Upside Potential as of March 22: 110.70%

Number of Hedge Fund Holders: 13

Iris Energy Limited (NASDAQ:IREN) is involved in sustainable cryptocurrency mining by operating Bitcoin mining data centers that are powered by renewable energy. On March 15, B. Riley lowered the price target on Iris Energy Limited’s (NASDAQ:IREN) stock to $9.50 from $10 and maintained a Buy rating on the shares.

In the fourth quarter of 2023, 13 hedge funds held positions in Iris Energy Limited (NASDAQ:IREN) worth $51.732 million. This is compared to 8 funds’ positions in the preceding quarter worth $21.008 million. As of Q4 of 2023, Kerr Neilson’s Platinum Asset Management is the top shareholder in the company and has a position worth $18.07 million.

In the past three months, Iris Energy Limited (NASDAQ:IREN) has received Buy ratings from 6 Wall Street analysts. As of March 22, the average price target of $10.83 has an upside of 110.70% from current levels.

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