Insider Selling: TeraWulf (NASDAQ:WULF) CEO Sells 137,500 Shares

TeraWulf Inc. (NASDAQ:WULF) CEO Paul Prager sold 137,500 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $26.60, for a total transaction of $3,657,500.00. Following the completion of the transaction, the chief executive officer directly owned 3,945,052 shares of the company’s stock, valued at $104,938,383.20. This trade represents a 3.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

TeraWulf Price Performance

Shares of WULF traded down $1.12 during trading hours on Wednesday, reaching $23.58. The stock had a trading volume of 30,471,435 shares, compared to its average volume of 26,953,270. TeraWulf Inc. has a 12 month low of $4.52 and a 12 month high of $29.84. The stock has a market capitalization of $11.68 billion, a PE ratio of -9.51 and a beta of 3.73. The company has a debt-to-equity ratio of 33.00, a quick ratio of 1.20 and a current ratio of 1.20. The company’s 50-day moving average is $24.39 and its two-hundred day moving average is $18.24.

TeraWulf (NASDAQ:WULF) last issued its quarterly earnings data on Friday, May 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.82). The firm had revenue of $34.01 million for the quarter, compared to the consensus estimate of $34.69 million. TeraWulf had a negative return on equity of 305.07% and a negative net margin of 611.46%.The company’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.16) EPS. Research analysts expect that TeraWulf Inc. will post -0.96 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Bank of America began coverage on shares of TeraWulf in a research note on Monday, June 15th. They issued a “buy” rating and a $34.00 price objective for the company. Citigroup assumed coverage on shares of TeraWulf in a research note on Monday. They set a “buy” rating and a $36.00 price target for the company. Roth Mkm reiterated a “buy” rating and set a $32.00 price target on shares of TeraWulf in a research note on Friday, April 17th. Needham & Company LLC boosted their price objective on TeraWulf from $22.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Finally, Morgan Stanley set a $66.50 target price on shares of TeraWulf in a research report on Wednesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, TeraWulf has an average rating of “Moderate Buy” and a consensus price target of $32.10.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of WULF. Vanguard Group Inc. increased its stake in TeraWulf by 37.4% in the fourth quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock valued at $386,558,000 after acquiring an additional 9,162,958 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of TeraWulf by 22.2% in the 2nd 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 in the last quarter. Morgan Stanley increased its position in shares of TeraWulf by 8.1% during the 4th quarter. Morgan Stanley now owns 9,641,209 shares of the company’s stock valued at $110,778,000 after purchasing an additional 724,286 shares during the last quarter. Geode Capital Management LLC increased its position in shares of TeraWulf by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 8,377,589 shares of the company’s stock valued at $96,274,000 after purchasing an additional 318,842 shares during the last quarter. Finally, State Street Corp lifted its position in TeraWulf by 4.2% in the 4th quarter. State Street Corp now owns 7,349,508 shares of the company’s stock worth $84,446,000 after buying an additional 298,645 shares during the last quarter. Hedge funds and other 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.