TeraWulf (NASDAQ:WULF) Now Covered by Analysts at Bank of America

Equities research analysts at Bank of America started coverage on shares of TeraWulf (NASDAQ:WULF) in a report released on Monday. The firm set a “buy” rating and a $34.00 price target on the stock. Bank of America‘s target price points to a potential upside of 30.47% from the company’s current price.

Several other analysts also recently weighed in on WULF. Sanford C. Bernstein began coverage on TeraWulf in a report on Wednesday, June 3rd. They issued an “outperform” rating and a $46.00 target price for the company. B. Riley Financial increased their price objective on TeraWulf from $27.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of TeraWulf in a report on Friday, March 27th. Oppenheimer reissued an “outperform” rating and issued a $35.00 price objective on shares of TeraWulf in a report on Wednesday, May 27th. Finally, Cantor Fitzgerald increased their price objective on TeraWulf from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.86.

TeraWulf Price Performance

Shares of NASDAQ:WULF opened at $26.06 on Monday. The company has a debt-to-equity ratio of 33.00, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market capitalization of $12.91 billion, a PE ratio of -10.51 and a beta of 3.82. The firm’s 50-day moving average is $22.12 and its two-hundred day moving average is $17.13. TeraWulf has a 1 year low of $3.39 and a 1 year high of $27.78.

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

Insider Activity

In other news, CEO Paul B. Prager sold 166,650 shares of the 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 approximately $103,808,004.86. This represents a 3.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Patrick Fleury sold 26,414 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $16.14, for a total value of $426,321.96. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders bought 6,500 shares of company stock valued at $100,333 and sold 1,120,850 shares valued at $20,462,114. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On TeraWulf

Hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC acquired a new position in TeraWulf during the 3rd quarter worth approximately $29,000. Vermillion Wealth Management Inc. increased its position in TeraWulf by 1,191.0% during the 4th quarter. Vermillion Wealth Management Inc. now owns 2,595 shares of the company’s stock worth $30,000 after purchasing an additional 2,394 shares during the period. Solstein Capital LLC acquired a new stake in TeraWulf in the fourth quarter valued at $34,000. Comerica Bank lifted its holdings in 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 acquiring an additional 12,370 shares during the period. Finally, First United Bank & Trust acquired a new stake in TeraWulf in the first quarter valued at $37,000. 62.49% of the stock is owned by institutional investors and hedge funds.

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.