TeraWulf (NASDAQ:WULF) Trading Down 5.4%

TeraWulf Inc. (NASDAQ:WULF) shares dropped 5.4% during trading on Wednesday . The stock traded as low as $4.76 and last traded at $4.76. Approximately 13,983,797 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 20,193,920 shares. The stock had previously closed at $5.03.

Analysts Set New Price Targets

WULF has been the topic of several analyst reports. Roth Mkm restated a “buy” rating and issued a $6.50 target price on shares of TeraWulf in a research report on Monday. Cantor Fitzgerald raised their target price on TeraWulf from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, July 5th. Roth Capital upgraded TeraWulf to a “strong-buy” rating in a research report on Tuesday, July 2nd. Rosenblatt Securities initiated coverage on TeraWulf in a research report on Tuesday, April 9th. They issued a “buy” rating and a $4.20 target price on the stock. Finally, Compass Point lowered their target price on TeraWulf from $4.50 to $3.50 and set a “buy” rating on the stock in a research report on Thursday, March 21st. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $5.35.

TeraWulf Stock Performance

The business has a 50 day simple moving average of $3.26 and a 200-day simple moving average of $2.50.

TeraWulf (NASDAQ:WULF) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.07). The company had revenue of $42.43 million for the quarter, compared to the consensus estimate of $41.86 million. TeraWulf had a negative return on equity of 30.00% and a negative net margin of 56.70%. On average, equities research analysts predict that TeraWulf Inc. will post -0.08 earnings per share for the current year.

Insider Transactions at TeraWulf

In related news, Treasurer Kenneth J. Deane sold 69,996 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $3.25, for a total transaction of $227,487.00. Following the completion of the sale, the treasurer now directly owns 337,245 shares in the company, valued at $1,096,046.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 24.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TeraWulf

Several institutional investors have recently bought and sold shares of WULF. Van ECK Associates Corp raised its holdings in TeraWulf by 50.8% during the first quarter. Van ECK Associates Corp now owns 6,733,179 shares of the company’s stock valued at $17,708,000 after buying an additional 2,268,870 shares in the last quarter. Vanguard Group Inc. raised its holdings in TeraWulf by 17.7% during the first quarter. Vanguard Group Inc. now owns 11,722,320 shares of the company’s stock valued at $30,830,000 after buying an additional 1,764,115 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in TeraWulf by 126.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,457,169 shares of the company’s stock valued at $5,897,000 after buying an additional 1,372,195 shares in the last quarter. Intrinsic Edge Capital Management LLC bought a new position in TeraWulf during the fourth quarter valued at about $1,200,000. Finally, Exchange Traded Concepts LLC grew its position in shares of TeraWulf by 37.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,672,844 shares of the company’s stock valued at $4,015,000 after purchasing an additional 459,997 shares during the last quarter. 62.49% of the stock is currently owned by institutional investors.

About TeraWulf

TeraWulf Inc, together with its subsidiaries, operates as a digital asset technology company in the United States. The company develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It is also involved in the provision of miner hosting services to third-party entities. The company was founded in 2021 and is headquartered in Easton, Maryland.