TeraWulf (NASDAQ:WULF) Sets New 12-Month High on Analyst Upgrade

TeraWulf Inc. (NASDAQ:WULF) shares hit a new 52-week high during trading on Wednesday after Needham & Company LLC raised their price target on the stock from $6.00 to $9.50. Needham & Company LLC currently has a buy rating on the stock. TeraWulf traded as high as $9.30 and last traded at $8.52, with a volume of 9348025 shares changing hands. The stock had previously closed at $8.53.

Other equities analysts have also issued research reports about the company. Northland Securities increased their target price on TeraWulf from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Wednesday. Rosenblatt Securities reiterated a “buy” rating and set a $5.00 price objective on shares of TeraWulf in a research report on Tuesday, October 8th. Stifel Canada cut shares of TeraWulf from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, October 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of TeraWulf in a research report on Thursday, October 3rd. Finally, B. Riley reissued a “buy” rating and issued a $6.00 price objective on shares of TeraWulf in a report on Monday, October 7th. Seven 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 company has a consensus rating of “Buy” and a consensus price target of $7.21.

Hedge Funds Weigh In On TeraWulf

Several hedge funds and other institutional investors have recently made changes to their positions in WULF. Quantbot Technologies LP acquired a new stake in shares of TeraWulf during the 1st quarter valued at $204,000. SG Americas Securities LLC bought a new stake in TeraWulf during the first quarter worth $141,000. Vanguard Group Inc. raised its holdings in shares of TeraWulf by 17.7% in the first quarter. Vanguard Group Inc. now owns 11,722,320 shares of the company’s stock valued at $30,830,000 after purchasing an additional 1,764,115 shares during the last quarter. PEAK6 Investments LLC bought a new position in shares of TeraWulf during the 1st quarter worth approximately $64,000. Finally, Price T Rowe Associates Inc. MD grew its stake in TeraWulf by 16.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 45,082 shares of the company’s stock valued at $119,000 after purchasing an additional 6,450 shares during the period. 62.49% of the stock is currently owned by institutional investors and hedge funds.

TeraWulf Trading Down 5.4 %

The company’s 50-day moving average is $5.37 and its two-hundred day moving average is $4.33.

TeraWulf (NASDAQ:WULF) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter. The business had revenue of $35.57 million during the quarter, compared to the consensus estimate of $35.73 million. TeraWulf had a negative net margin of 41.88% and a negative return on equity of 17.02%. On average, equities analysts forecast that TeraWulf Inc. will post -0.1 EPS for the current year.

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.