TeraWulf (NASDAQ:WULF) Stock Price Down 8.3%

TeraWulf Inc. (NASDAQ:WULF)’s share price traded down 8.3% during mid-day trading on Monday . The stock traded as low as $3.77 and last traded at $3.89. 1,497,487 shares were traded during mid-day trading, a decline of 92% from the average session volume of 19,816,598 shares. The stock had previously closed at $4.24.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Roth Capital raised TeraWulf to a “strong-buy” rating in a report on Tuesday, July 2nd. Roth Mkm reissued a “buy” rating and issued a $6.50 price objective on shares of TeraWulf in a research note on Monday, July 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of TeraWulf in a research note on Tuesday, September 3rd. Rosenblatt Securities lifted their target price on TeraWulf from $4.20 to $5.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, Needham & Company LLC started coverage on shares of TeraWulf in a report on Wednesday, September 4th. They issued a “buy” rating and a $6.00 price target for the company. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $5.71.

TeraWulf Price Performance

The stock has a 50-day moving average of $4.46 and a two-hundred day moving average of $3.32.

TeraWulf (NASDAQ:WULF) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter. The firm had revenue of $35.57 million for the quarter, compared to analysts’ expectations of $35.73 million. TeraWulf had a negative net margin of 41.67% and a negative return on equity of 19.77%. Research analysts expect that TeraWulf Inc. will post -0.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TeraWulf

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new stake in shares of TeraWulf in the second quarter valued at $22,443,000. Hood River Capital Management LLC purchased a new stake in TeraWulf in the 2nd quarter worth about $20,532,000. Van ECK Associates Corp boosted its position in TeraWulf by 50.8% during the 1st quarter. Van ECK Associates Corp now owns 6,733,179 shares of the company’s stock worth $17,708,000 after acquiring an additional 2,268,870 shares during the period. Driehaus Capital Management LLC acquired a new stake in TeraWulf during the 2nd quarter worth about $9,948,000. Finally, Duquesne Family Office LLC purchased a new position in TeraWulf during the 2nd quarter valued at about $9,301,000. Institutional investors and hedge funds own 62.49% of the company’s stock.

TeraWulf Company Profile

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.