The Manufacturers Life Insurance Company Acquires New Holdings in TeraWulf Inc. $WULF

The Manufacturers Life Insurance Company bought a new stake in shares of TeraWulf Inc. (NASDAQ:WULF) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 143,082 shares of the company’s stock, valued at approximately $3,534,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Comerica Bank lifted its holdings in shares of TeraWulf by 3,748.5% in the first quarter. Comerica Bank now owns 12,700 shares of the company’s stock valued at $35,000 after purchasing an additional 12,370 shares in the last quarter. Millennium Management LLC increased its stake in shares of TeraWulf by 47.8% during the 1st quarter. Millennium Management LLC now owns 2,456,045 shares of the company’s stock worth $6,705,000 after purchasing an additional 793,832 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of TeraWulf by 5.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 41,375 shares of the company’s stock worth $181,000 after purchasing an additional 2,258 shares in the last quarter. Creative Planning raised its position in shares of TeraWulf by 232.2% during the 2nd quarter. Creative Planning now owns 47,665 shares of the company’s stock worth $209,000 after purchasing an additional 33,317 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in TeraWulf by 10.6% in the 2nd quarter. Franklin Resources Inc. now owns 56,684 shares of the company’s stock valued at $248,000 after buying an additional 5,432 shares in the last quarter. Institutional investors and hedge funds own 62.49% of the company’s stock.

Wall Street Analysts Forecast Growth

WULF has been the topic of a number of analyst reports. Chardan Capital reiterated a “buy” rating and set a $32.00 target price on shares of TeraWulf in a report on Wednesday, August 5th. B. Riley Financial upped their price objective on TeraWulf from $32.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Needham & Company LLC increased their price objective on TeraWulf from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods dropped their price objective on TeraWulf from $33.00 to $30.00 and set an “outperform” rating for the company in a research report on Tuesday, July 28th. Finally, William Blair started coverage on shares of TeraWulf in a research note on Friday. They issued an “outperform” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, TeraWulf has an average rating of “Moderate Buy” and an average price target of $34.21.

Insider Activity at TeraWulf

In other TeraWulf news, CEO Paul B. Prager sold 137,500 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $17.06, for a total transaction of $2,345,750.00. Following the completion of the sale, the chief executive officer owned 3,807,552 shares of the company’s stock, valued at approximately $64,956,837.12. The trade was a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Walter E. Carter sold 130,626 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $15.14, for a total value of $1,977,677.64. Following the sale, the director owned 229,090 shares of the company’s stock, valued at $3,468,422.60. This represents a 36.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 405,626 shares of company stock worth $7,980,928. 15.90% of the stock is owned by insiders.

TeraWulf Stock Down 3.2%

Shares of WULF opened at $14.65 on Wednesday. The firm has a market cap of $7.31 billion, a PE ratio of -3.35 and a beta of 3.71. The company’s fifty day moving average is $18.96 and its two-hundred day moving average is $19.70. TeraWulf Inc. has a fifty-two week low of $8.60 and a fifty-two week high of $29.84. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 27.25.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($1.70). The firm had revenue of $44.77 million for the quarter, compared to analyst estimates of $46.00 million. TeraWulf had a negative return on equity of 458.62% and a negative net margin of 1,179.94%.The company’s quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.05) earnings per share. Analysts forecast that TeraWulf Inc. will post -0.95 earnings per share for the current year.

TeraWulf 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.