Keefe, Bruyette & Woods Lowers TeraWulf (NASDAQ:WULF) Price Target to $23.00

TeraWulf (NASDAQ:WULF) had its price target lowered by analysts at Keefe, Bruyette & Woods from $24.00 to $23.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 54.15% from the stock’s current price.

A number of other analysts have also weighed in on the company. Morgan Stanley assumed coverage on TeraWulf in a research note on Monday, February 9th. They issued an “overweight” rating and a $37.00 target price for the company. Rosenblatt Securities upped their price target on shares of TeraWulf from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. B. Riley Financial raised their price objective on shares of TeraWulf from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, November 12th. Citigroup reaffirmed a “market outperform” rating on shares of TeraWulf in a research note on Tuesday, November 11th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $21.00 target price on shares of TeraWulf in a research report on Tuesday, February 3rd. Twelve equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, TeraWulf currently has a consensus rating of “Moderate Buy” and an average price target of $20.62.

TeraWulf Price Performance

WULF traded up $0.57 during trading on Wednesday, hitting $14.92. The company’s stock had a trading volume of 12,536,784 shares, compared to its average volume of 31,046,234. The firm’s 50 day moving average price is $14.54 and its two-hundred day moving average price is $13.23. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 33.00. TeraWulf has a 12 month low of $2.06 and a 12 month high of $18.51. The stock has a market capitalization of $6.33 billion, a price-to-earnings ratio of -9.15 and a beta of 3.67.

Insider Buying and Selling

In other news, Director Michael C. Bucella acquired 3,171 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was purchased at an average cost of $15.78 per share, for a total transaction of $50,038.38. Following the completion of the transaction, the director directly owned 270,129 shares in the company, valued at $4,262,635.62. This trade represents a 1.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders bought 5,256 shares of company stock valued at $80,109 in the last three months. 19.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of WULF. Vanguard Group Inc. grew its holdings in TeraWulf by 37.4% during the fourth quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock valued at $386,558,000 after purchasing an additional 9,162,958 shares during the period. Bank of America Corp DE raised its holdings in TeraWulf by 22.2% in the second quarter. Bank of America Corp DE now owns 14,392,299 shares of the company’s stock worth $63,038,000 after purchasing an additional 2,617,617 shares during the period. Morgan Stanley raised its holdings in TeraWulf by 8.1% in the fourth quarter. Morgan Stanley now owns 9,641,209 shares of the company’s stock worth $110,778,000 after purchasing an additional 724,286 shares during the period. Geode Capital Management LLC boosted its position in shares of TeraWulf by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 8,377,589 shares of the company’s stock worth $96,274,000 after purchasing an additional 318,842 shares in the last quarter. Finally, State Street Corp boosted its position in shares of TeraWulf by 4.2% during the fourth quarter. State Street Corp now owns 7,349,508 shares of the company’s stock worth $84,446,000 after purchasing an additional 298,645 shares in the last quarter. Institutional investors own 62.49% of the company’s stock.

About TeraWulf

TeraWulf, Inc (NASDAQ: WULF) is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.