TeraWulf (NASDAQ:WULF) Trading 5.9% Higher – Here’s Why

TeraWulf Inc. (NASDAQ:WULF)’s stock price traded up 5.9% during trading on Friday . The company traded as high as $4.20 and last traded at $4.16. 2,546,122 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 19,891,713 shares. The stock had previously closed at $3.93.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of TeraWulf in a research report on Thursday, October 3rd. Rosenblatt Securities reissued a “buy” rating and issued a $5.00 price objective on shares of TeraWulf in a research report on Tuesday, October 8th. B. Riley reissued a “buy” rating and issued a $6.00 price objective on shares of TeraWulf in a research report on Monday, October 7th. Roth Capital raised shares of TeraWulf to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, Needham & Company LLC began coverage on shares of TeraWulf in a research report on Wednesday, September 4th. They issued a “buy” rating and a $6.00 price objective on the stock. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, TeraWulf currently has an average rating of “Buy” and an average price target of $5.71.

TeraWulf Stock Performance

The stock’s 50 day moving average is $4.24 and its two-hundred day moving average is $3.65.

TeraWulf (NASDAQ:WULF) last released its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter. TeraWulf had a negative return on equity of 19.77% and a negative net margin of 41.67%. The firm had revenue of $35.57 million during the quarter, compared to analyst estimates of $35.73 million. Analysts forecast that TeraWulf Inc. will post -0.1 earnings per share for the current year.

Institutional Trading of TeraWulf

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of TeraWulf by 17.7% in the 1st quarter. Vanguard Group Inc. now owns 11,722,320 shares of the company’s stock worth $30,830,000 after acquiring an additional 1,764,115 shares during the period. SG Americas Securities LLC lifted its stake in shares of TeraWulf by 260.8% in the 2nd quarter. SG Americas Securities LLC now owns 193,304 shares of the company’s stock worth $860,000 after acquiring an additional 139,722 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of TeraWulf by 97.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 844,292 shares of the company’s stock worth $3,757,000 after acquiring an additional 417,369 shares during the period. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of TeraWulf in the 2nd quarter valued at about $1,095,000. Finally, Scientech Research LLC purchased a new position in shares of TeraWulf in the 2nd quarter valued at about $1,040,000. Institutional investors and hedge funds 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.