TeraWulf (NASDAQ:WULF) Trading Down 5.3%

TeraWulf Inc. (NASDAQ:WULF)’s share price dropped 5.3% during mid-day trading on Tuesday . The company traded as low as $3.34 and last traded at $3.38. Approximately 7,814,156 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 19,885,883 shares. The stock had previously closed at $3.57.

Analyst Ratings Changes

WULF has been the subject of several recent analyst reports. B. Riley upped their price objective on shares of TeraWulf from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Roth Mkm reiterated a “buy” rating and issued a $6.50 price objective on shares of TeraWulf in a report on Monday, July 8th. Roth Capital upgraded TeraWulf to a “strong-buy” rating in a report on Tuesday, July 2nd. Finally, Cantor Fitzgerald lifted their price target on shares of TeraWulf from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, July 5th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, TeraWulf currently has a consensus rating of “Buy” and an average target price of $5.53.

TeraWulf Price Performance

The firm has a 50 day moving average of $4.45 and a two-hundred day moving average of $2.96.

TeraWulf (NASDAQ:WULF) last posted 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). TeraWulf had a negative return on equity of 30.00% and a negative net margin of 56.70%. The company had revenue of $42.43 million during the quarter, compared to analysts’ expectations of $41.86 million. As a group, analysts forecast that TeraWulf Inc. will post -0.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Treasurer Kenneth J. Deane sold 69,996 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $3.25, for a total transaction of $227,487.00. Following the completion of the sale, the treasurer now owns 337,245 shares of the company’s stock, valued at $1,096,046.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 24.88% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Sei Investments Co. lifted its holdings in TeraWulf by 501.5% during the second quarter. Sei Investments Co. now owns 189,336 shares of the company’s stock valued at $843,000 after purchasing an additional 157,860 shares in the last quarter. Hollencrest Capital Management purchased a new position in shares of TeraWulf during the 2nd quarter valued at $265,000. GM Advisory Group LLC boosted its holdings in TeraWulf by 179.5% in the 2nd quarter. GM Advisory Group LLC now owns 1,876,671 shares of the company’s stock worth $8,351,000 after buying an additional 1,205,187 shares during the period. Amalgamated Bank increased its stake in TeraWulf by 57.7% in the 2nd quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock worth $35,000 after buying an additional 2,912 shares in the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd purchased a new stake in TeraWulf in the 2nd quarter worth $1,095,000. 62.49% of the stock is owned by hedge funds and other institutional investors.

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.