Van ECK Associates Corp Sells 321,335 Shares of TeraWulf Inc. $WULF

Van ECK Associates Corp lowered its position in shares of TeraWulf Inc. (NASDAQ:WULF) by 13.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,005,207 shares of the company’s stock after selling 321,335 shares during the period. Van ECK Associates Corp’s holdings in TeraWulf were worth $49,529,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of WULF. Vanguard Group Inc. grew its holdings in shares of TeraWulf by 37.4% during the fourth quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock worth $386,558,000 after purchasing an additional 9,162,958 shares during the last quarter. BlackRock Inc. acquired a new position in TeraWulf during the 2nd quarter worth about $577,805,000. Bank of America Corp DE boosted its holdings in TeraWulf by 22.2% in the second quarter. Bank of America Corp DE now owns 14,392,299 shares of the company’s stock valued at $63,038,000 after acquiring an additional 2,617,617 shares during the last quarter. Morgan Stanley increased its position in shares of TeraWulf by 8.1% during the fourth quarter. Morgan Stanley now owns 9,641,209 shares of the company’s stock worth $110,778,000 after buying an additional 724,286 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of TeraWulf by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 8,377,589 shares of the company’s stock worth $96,274,000 after acquiring an additional 318,842 shares in the last quarter. Institutional investors and hedge funds own 62.49% of the company’s stock.

Insider Activity

In other TeraWulf news, Director Michael C. Bucella bought 2,860 shares of TeraWulf stock in a transaction dated Monday, August 17th. The stock was purchased at an average price of $17.47 per share, for a total transaction of $49,964.20. Following the completion of the purchase, the director directly owned 344,704 shares of the company’s stock, valued at approximately $6,021,978.88. This trade represents a 0.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Paul B. Prager sold 137,500 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were 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 directly owned 3,807,552 shares in the company, valued at approximately $64,956,837.12. This trade represents a 3.49% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.90% of the stock is owned by corporate insiders.

TeraWulf Stock Down 6.9%

TeraWulf stock opened at $15.35 on Friday. The firm has a 50 day moving average price of $19.51 and a 200-day moving average price of $19.70. 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 Inc. has a twelve month low of $8.60 and a twelve month high of $29.84. The company has a market capitalization of $7.66 billion, a P/E ratio of -3.51 and a beta of 3.76.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings results 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 analysts’ expectations 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 quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.05) EPS. As a group, equities analysts predict that TeraWulf Inc. will post -0.94 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on WULF shares. Chardan Capital reissued a “buy” rating and set a $32.00 target price on shares of TeraWulf in a research note on Wednesday, August 5th. Morgan Stanley cut their target price on TeraWulf from $72.00 to $62.50 and set an “overweight” rating on the stock in a report on Thursday, August 13th. HC Wainwright reissued a “buy” rating on shares of TeraWulf in a research report on Friday, August 21st. Zacks Research upgraded shares of TeraWulf from a “strong sell” rating to a “hold” rating in a report on Friday, August 7th. Finally, B. Riley Financial upped their price objective on shares of TeraWulf from $32.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.21.

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.