TeraWulf (NASDAQ:WULF) Upgraded to Strong-Buy at Citigroup

Citigroup upgraded shares of TeraWulf (NASDAQ:WULF) to a strong-buy rating in a research report report published on Monday,Zacks.com reports.

Several other equities analysts also recently issued reports on WULF. Roth Mkm restated a “buy” rating and issued a $32.00 price objective on shares of TeraWulf in a research note on Friday, April 17th. Northland Securities set a $30.00 price target on TeraWulf in a research note on Monday, May 4th. Bank of America began coverage on TeraWulf in a research note on Monday, June 15th. They issued a “buy” rating and a $34.00 price objective for the company. Keefe, Bruyette & Woods increased their price target on shares of TeraWulf from $25.00 to $33.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $27.00 price target on shares of TeraWulf in a research report on Monday, May 11th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $32.10.

TeraWulf Stock Performance

NASDAQ:WULF opened at $24.70 on Monday. The company has a debt-to-equity ratio of 33.00, a quick ratio of 1.20 and a current ratio of 1.20. The company has a fifty day moving average of $24.33 and a two-hundred day moving average of $18.18. The stock has a market capitalization of $12.24 billion, a PE ratio of -9.96 and a beta of 3.82. TeraWulf has a fifty-two week low of $4.24 and a fifty-two week high of $29.84.

TeraWulf (NASDAQ:WULF) last announced its earnings results on Friday, May 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.82). TeraWulf had a negative net margin of 611.46% and a negative return on equity of 305.07%. The company had revenue of $34.01 million during the quarter, compared to analyst estimates of $34.69 million. During the same quarter last year, the business earned ($0.16) EPS. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, research analysts forecast that TeraWulf will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Paul B. Prager sold 166,650 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $24.43, for a total value of $4,071,259.50. Following the completion of the sale, the chief executive officer directly owned 4,249,202 shares of the company’s stock, valued at $103,808,004.86. This trade represents a 3.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 383,350 shares of company stock worth $8,564,364. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On TeraWulf

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of TeraWulf by 37.4% in the fourth quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock valued at $386,558,000 after purchasing an additional 9,162,958 shares during the period. Voloridge Investment Management LLC acquired a new stake in shares of TeraWulf during the 3rd quarter valued at approximately $69,006,000. Wellington Management Group LLP boosted its stake in shares of TeraWulf by 36,193.2% during the 3rd quarter. Wellington Management Group LLP now owns 3,901,878 shares of the company’s stock worth $44,559,000 after acquiring an additional 3,891,127 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of TeraWulf during the 1st quarter worth approximately $53,418,000. Finally, Marshall Wace LLP grew its holdings in shares of TeraWulf by 574.2% in the 4th quarter. Marshall Wace LLP now owns 3,186,200 shares of the company’s stock worth $36,609,000 after acquiring an additional 2,713,587 shares during the period. 62.49% of the stock is currently owned by hedge funds and other institutional investors.

TeraWulf Company Profile

TeraWulf, Inc (NASDAQ: WULF) is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.