TeraWulf (NASDAQ:WULF) Shares Gap Up Following Analyst Upgrade

TeraWulf Inc. (NASDAQ:WULF) gapped up prior to trading on Monday after B. Riley raised their price target on the stock from $5.00 to $6.00. The stock had previously closed at $4.45, but opened at $4.60. B. Riley currently has a buy rating on the stock. TeraWulf shares last traded at $4.54, with a volume of 2,076,101 shares traded.

Other analysts also recently issued research reports about the stock. Rosenblatt Securities initiated coverage on shares of TeraWulf in a report on Tuesday, April 9th. They set a “buy” rating and a $4.20 price target for the company. Compass Point decreased their price target on TeraWulf from $4.50 to $3.50 and set a “buy” rating on the stock in a research note on Thursday, March 21st. Finally, Cantor Fitzgerald boosted their price target on TeraWulf from $7.00 to $9.00 and gave the stock an “overweight” rating in a report on Wednesday, June 26th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $4.99.

Insider Buying and Selling

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

Hedge Funds Weigh In On TeraWulf

Several large investors have recently modified their holdings of the business. Van ECK Associates Corp boosted its holdings in TeraWulf by 50.8% in the first quarter. Van ECK Associates Corp now owns 6,733,179 shares of the company’s stock valued at $17,708,000 after acquiring an additional 2,268,870 shares during the last quarter. Vanguard Group Inc. increased its position in shares of TeraWulf by 17.7% during the first quarter. Vanguard Group Inc. now owns 11,722,320 shares of the company’s stock worth $30,830,000 after buying an additional 1,764,115 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake 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 worth $5,897,000 after buying an additional 1,372,195 shares during the last quarter. Axxcess Wealth Management LLC lifted its holdings in TeraWulf by 356.2% in the third quarter. Axxcess Wealth Management LLC now owns 1,000,000 shares of the company’s stock valued at $1,260,000 after buying an additional 780,786 shares during the period. Finally, Intrinsic Edge Capital Management LLC acquired a new stake in TeraWulf during the 4th quarter worth about $1,200,000. Institutional investors own 62.49% of the company’s stock.

TeraWulf Price Performance

The company has a 50-day moving average price of $2.87 and a two-hundred day moving average price of $2.34.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings results on Monday, May 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.07). The business had revenue of $42.43 million during the quarter, compared to analyst estimates of $41.86 million. TeraWulf had a negative net margin of 56.70% and a negative return on equity of 30.00%. On average, research analysts predict that TeraWulf Inc. will post -0.09 earnings per share for the current year.

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.