TeraWulf (NASDAQ:WULF) Reaches New 1-Year High – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $7.36 and last traded at $7.29, with a volume of 6910029 shares. The stock had previously closed at $6.21.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Needham & Company LLC assumed coverage on TeraWulf in a research note on Wednesday, September 4th. They issued a “buy” rating and a $6.00 price objective for the company. B. Riley restated a “buy” rating and issued a $6.00 price objective on shares of TeraWulf in a research note on Monday, October 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of TeraWulf in a research note on Thursday, October 3rd. Stifel Canada lowered TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, October 29th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $5.00 price target on shares of TeraWulf in a research note on Tuesday, October 8th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, TeraWulf presently has a consensus rating of “Buy” and a consensus target price of $6.17.

TeraWulf Trading Up 23.5 %

The stock has a 50-day moving average price of $4.89 and a two-hundred day moving average price of $4.11.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share 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%. As a group, sell-side analysts forecast that TeraWulf Inc. will post -0.1 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WULF. Aspect Partners LLC purchased a new position in TeraWulf in the third quarter worth about $26,000. Amalgamated Bank lifted its stake in shares of TeraWulf by 57.7% in the 2nd quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock valued at $35,000 after purchasing an additional 2,912 shares during the last quarter. KBC Group NV purchased a new position in shares of TeraWulf in the 3rd quarter worth approximately $39,000. ARS Investment Partners LLC purchased a new position in shares of TeraWulf in the 2nd quarter worth approximately $44,000. Finally, Pekin Hardy Strauss Inc. bought a new position in shares of TeraWulf during the 2nd quarter valued at approximately $44,000. Hedge funds and other institutional investors own 62.49% of the company’s stock.

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.