TeraWulf (NASDAQ:WULF) Shares Gap Up to $3.91

Shares of TeraWulf Inc. (NASDAQ:WULF) gapped up prior to trading on Thursday . The stock had previously closed at $3.91, but opened at $4.08. TeraWulf shares last traded at $4.05, with a volume of 1,970,626 shares changing hands.

Analysts Set New Price Targets

WULF has been the subject of several recent research reports. B. Riley reiterated a “buy” rating and set a $6.00 price target on shares of TeraWulf in a report on Monday, August 26th. Rosenblatt Securities upped their target price on shares of TeraWulf from $4.20 to $5.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Needham & Company LLC started coverage on shares of TeraWulf in a research report on Wednesday. They set a “buy” rating and a $6.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of TeraWulf in a research report on Tuesday. Finally, Roth Mkm reiterated a “buy” rating and issued a $6.50 price objective on shares of TeraWulf in a research note on Monday, July 8th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $5.71.

TeraWulf Price Performance

The stock’s 50 day simple moving average is $4.56 and its two-hundred day simple moving average is $3.23.

TeraWulf (NASDAQ:WULF) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter. TeraWulf had a negative net margin of 41.67% and a negative return on equity of 19.77%. The firm had revenue of $35.57 million during the quarter, compared to analysts’ expectations of $35.73 million. As a group, equities research analysts anticipate that TeraWulf Inc. will post -0.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Amalgamated Bank lifted its holdings in TeraWulf by 57.7% during the second 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. ARS Investment Partners LLC purchased a new stake in shares of TeraWulf during the 2nd quarter valued at approximately $44,000. Pekin Hardy Strauss Inc. bought a new position in TeraWulf in the 2nd quarter worth approximately $44,000. Miracle Mile Advisors LLC purchased a new position in TeraWulf in the 1st quarter valued at approximately $29,000. Finally, Apollon Wealth Management LLC bought a new stake in TeraWulf during the 4th quarter valued at $27,000. Institutional investors own 62.49% of the company’s stock.

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.