TeraWulf (NASDAQ:WULF) Trading Down 6.4% – Here’s What Happened

TeraWulf Inc. (NASDAQ:WULF)’s stock price fell 6.4% during mid-day trading on Wednesday . The stock traded as low as $23.09 and last traded at $23.1250. 4,343,002 shares traded hands during trading, a decline of 86% from the average session volume of 30,404,049 shares. The stock had previously closed at $24.70.

Wall Street Analyst Weigh In

WULF has been the subject of several research reports. Oppenheimer reiterated an “outperform” rating and issued a $35.00 target price on shares of TeraWulf in a research note on Wednesday, May 27th. Bank of America initiated coverage on TeraWulf in a research note on Monday, June 15th. They set a “buy” rating and a $34.00 price target on the stock. B. Riley Financial lifted their price objective on TeraWulf from $27.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, May 27th. Morgan Stanley set a $66.50 price target on shares of TeraWulf in a report on Wednesday, June 3rd. Finally, Arete Research initiated coverage on shares of TeraWulf in a research note on Monday, March 23rd. They issued a “buy” rating and a $30.00 price objective for the company. Two equities research 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.10.

TeraWulf Stock Performance

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 firm has a 50 day moving average price of $24.33 and a two-hundred day moving average price of $18.18. The company has a market capitalization of $11.71 billion, a P/E ratio of -9.50 and a beta of 3.82.

TeraWulf (NASDAQ:WULF) last posted its earnings results on Friday, May 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.82). The company 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%.TeraWulf’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.16) EPS. On average, research analysts expect that TeraWulf Inc. will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Paul B. Prager sold 166,650 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $24.43, for a total value of $4,071,259.50. Following the sale, the chief executive officer owned 4,249,202 shares in the company, valued at approximately $103,808,004.86. The trade was a 3.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 383,350 shares of company stock worth $8,564,364 over the last three months. 15.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TeraWulf

Several institutional investors have recently added to or reduced their stakes in WULF. Vanguard Group Inc. boosted its position in TeraWulf by 37.4% in the 4th quarter. Vanguard Group Inc. now owns 33,643,009 shares of the company’s stock valued at $386,558,000 after buying an additional 9,162,958 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in shares of TeraWulf by 45.1% in the 4th quarter. Oppenheimer & Co. Inc. now owns 140,101 shares of the company’s stock valued at $1,610,000 after buying an additional 43,574 shares during the period. Pictet Asset Management Holding SA raised its position in shares of TeraWulf by 178.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 151,005 shares of the company’s stock worth $1,735,000 after acquiring an additional 96,843 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of TeraWulf during the third quarter worth $3,350,000. Finally, GeoSphere Capital Management LLC acquired a new position in shares of TeraWulf during the fourth quarter valued at $2,872,000. 62.49% of the stock is owned by institutional investors.

TeraWulf Company Profile

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.