TeraWulf (NASDAQ:WULF) Shares Gap Up – Should You Buy?

TeraWulf Inc. (NASDAQ:WULF) gapped up prior to trading on Tuesday . The stock had previously closed at $16.20, but opened at $16.92. TeraWulf shares last traded at $17.3630, with a volume of 5,131,679 shares.

Analysts Set New Price Targets

WULF has been the subject of a number of recent analyst reports. Needham & Company LLC upped their price target on TeraWulf from $28.00 to $33.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Morgan Stanley lifted their price objective on TeraWulf from $66.50 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 8th. Zacks Research raised TeraWulf from a “strong sell” rating to a “hold” rating in a research note on Friday, August 7th. Citigroup started coverage on TeraWulf in a report on Monday, June 29th. They set a “buy” rating and a $36.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TeraWulf in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, TeraWulf currently has a consensus rating of “Moderate Buy” and an average target price of $34.74.

TeraWulf Trading Up 2.6%

The company has a market capitalization of $8.58 billion, a P/E ratio of -3.93 and a beta of 3.76. The stock’s 50 day moving average is $21.99 and its 200-day moving average is $19.56. The company has a debt-to-equity ratio of 33.00, a current ratio of 1.20 and a quick ratio of 1.20.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.94) EPS for the quarter, missing the consensus estimate of ($0.24) by ($1.70). TeraWulf had a negative return on equity of 512.60% and a negative net margin of 1,179.94%.The company had revenue of $44.77 million during the quarter, compared to analysts’ expectations of $46.00 million. During the same quarter last year, the business earned ($0.05) earnings per share. The business’s quarterly revenue was down 6.0% on a year-over-year basis. As a group, equities research analysts anticipate that TeraWulf Inc. will post -1 earnings per share for the current year.

Insider Activity at TeraWulf

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 transaction, the chief executive officer owned 4,249,202 shares in the company, valued at $103,808,004.86. This trade represents a 3.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TeraWulf

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of TeraWulf by 37.4% in the 4th quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock worth $386,558,000 after buying an additional 9,162,958 shares during the period. Engle Capital Management L.P. lifted its position in TeraWulf by 574.3% during the 1st 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. Oppenheimer & Co. Inc. lifted its position in TeraWulf by 45.1% during the 4th quarter. Oppenheimer & Co. Inc. now owns 140,101 shares of the company’s stock valued at $1,610,000 after acquiring an additional 43,574 shares during the period. Pictet Asset Management Holding SA boosted its stake in TeraWulf by 178.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 151,005 shares of the company’s stock worth $1,735,000 after acquiring an additional 96,843 shares in the last quarter. Finally, Jennison Associates LLC bought a new stake in TeraWulf during the first quarter worth about $53,418,000. Institutional investors own 62.49% of the company’s stock.

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.