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

TeraWulf Inc. (NASDAQ:WULF) shares shot up 5.9% during mid-day trading on Friday . The stock traded as high as $4.20 and last traded at $4.16. 2,546,122 shares were traded during 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

WULF has been the subject of a number of recent research reports. B. Riley reissued a “buy” rating and issued a $6.00 target price on shares of TeraWulf in a report on Monday. Needham & Company LLC initiated coverage on shares of TeraWulf in a research note on Wednesday, September 4th. They issued a “buy” rating and a $6.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of TeraWulf in a research report on Thursday, October 3rd. Roth Capital upgraded TeraWulf to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, Stifel Canada upgraded TeraWulf from a “moderate buy” rating to a “strong-buy” rating in a research report on Friday, October 4th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $5.71.

TeraWulf Price Performance

The stock’s 50-day moving average is $4.22 and its two-hundred day moving average is $3.63.

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

Institutional Trading of TeraWulf

Several institutional investors and hedge funds have recently made changes to their positions in WULF. Miracle Mile Advisors LLC purchased a new position in TeraWulf in the 1st quarter worth about $29,000. Amalgamated Bank increased its holdings in TeraWulf by 57.7% during the 2nd quarter. Amalgamated Bank now owns 7,963 shares of the company’s stock worth $35,000 after purchasing an additional 2,912 shares during the period. ARS Investment Partners LLC bought a new stake in TeraWulf during the 2nd quarter valued at $44,000. Pekin Hardy Strauss Inc. bought a new stake in TeraWulf during the 2nd quarter valued at $44,000. Finally, PEAK6 Investments LLC purchased a new stake in shares of TeraWulf in the 1st quarter worth $64,000. 62.49% of the stock is currently owned by 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.