TeraWulf (NASDAQ:WULF) Stock Price Up 10% – Here’s What Happened

Shares of TeraWulf Inc. (NASDAQ:WULF) traded up 10% during mid-day trading on Tuesday. The stock traded as high as $11.97 and last traded at $12.0350. Approximately 10,108,754 shares traded hands during trading, a decline of 69% from the average session volume of 32,311,270 shares. The stock had previously closed at $10.94.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on WULF shares. Rothschild & Co Redburn initiated coverage on shares of TeraWulf in a research report on Monday, September 21st. They set a “neutral” rating and a $15.00 price objective for the company. William Blair began coverage on TeraWulf in a report on Friday, August 28th. They issued an “outperform” rating for the company. Freedom Capital raised TeraWulf to a “strong-buy” rating in a research note on Tuesday, September 8th. B. Riley Financial lowered their target price on TeraWulf from $40.00 to $26.00 and set a “buy” rating on the stock in a report on Friday. Finally, Needham & Company LLC boosted their price target on shares of TeraWulf from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, TeraWulf currently has an average rating of “Moderate Buy” and a consensus target price of $32.35.

TeraWulf Trading Up 11.8%

The company’s 50 day moving average price is $14.58 and its 200 day moving average price is $17.99. The company has a market cap of $6.10 billion, a price-to-earnings ratio of -2.80 and a beta of 3.80. The company has a debt-to-equity ratio of 27.25, a quick ratio of 0.75 and a current ratio of 0.75.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($1.70). The business had revenue of $44.77 million during the quarter, compared to analyst estimates of $46.00 million. TeraWulf had a negative net margin of 1,179.94% and a negative return on equity of 458.62%. The firm’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.05) EPS. Research analysts anticipate that TeraWulf Inc. will post -1.04 EPS for the current year.

Insiders Place Their Bets

In related news, Director Michael Bucella purchased 6,085 shares of TeraWulf stock in a transaction on Tuesday, September 15th. The stock was bought at an average price of $14.79 per share, with a total value of $89,997.15. Following the completion of the transaction, the director directly owned 350,789 shares of the company’s stock, valued at approximately $5,188,169.31. This represents a 1.77% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Paul Prager sold 137,500 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $17.06, for a total value of $2,345,750.00. Following the sale, the chief executive officer owned 3,807,552 shares of the company’s stock, valued at approximately $64,956,837.12. This trade represents a 3.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders purchased 11,968 shares of company stock valued at $189,962 over the last quarter. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On TeraWulf

Several institutional investors and hedge funds have recently added to or reduced their stakes in WULF. BlackRock Inc. acquired a new position in TeraWulf during the second quarter valued at approximately $577,805,000. Bank of America Corp DE lifted its position in TeraWulf by 9.2% during the 1st quarter. Bank of America Corp DE now owns 5,777,458 shares of the company’s stock worth $83,369,000 after acquiring an additional 488,184 shares during the last quarter. Jennison Associates LLC bought a new stake in TeraWulf during the first quarter valued at about $53,418,000. Engle Capital Management L.P. boosted its holdings in TeraWulf by 574.3% during the first quarter. Engle Capital Management L.P. now owns 2,950,100 shares of the company’s stock valued at $42,570,000 after acquiring an additional 2,512,600 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in TeraWulf by 325.9% during the third quarter. Assenagon Asset Management S.A. now owns 2,845,156 shares of the company’s stock valued at $42,108,000 after acquiring an additional 2,177,134 shares during the period. 62.49% of the stock is currently owned by institutional investors and hedge funds.

TeraWulf Company Profile

TeraWulf Inc is a digital asset infrastructure company focused primarily on developing and operating environmentally conscious data centers for bitcoin mining and other high-performance computing applications. The company emphasizes the use of low-carbon energy, including nuclear and hydroelectric power, to support energy-intensive computing operations.

TeraWulf operates mining and data center facilities in the United States, including the Lake Mariner site in New York and the Nautilus Cryptomine facility in Pennsylvania.